Elevance Health has snagged Moody’s CFO Mark Kaye to succeed John Gallina, who will retire from his role as executive vice president and CFO later this year, the health insurer said last week.
Gallina is leaving Elevance after almost three decades in various leadership roles, including seven years as CFO.
Kaye will serve as CFO Designate from early September to Nov. 1, when he will take on full responsibility as CFO. At that time, Gallina will stay on as a special advisor to CEO Gail Boudreaux. On Aug. 3 Moody’s announced that Kaye was resigning from the New York-based financial services firm which is the parent of the credit rating giant Moody’s Investors Service, effective Sept. 5, to take another CFO job.
Kaye comes to Elevance from Moody’s, where he has served as CFO since 2018. Prior to that, the executive held financial leadership roles at life insurance company MassMutual and workplace benefits firm Voya Financial.
As CFO, Kaye will receive an annual base salary of $900,000, a bonus of up to 120% of eligible base salary earnings and long-term incentive awards equal to up to $5.5 million beginning next year, according to a filing with the SEC.
Last month, Elevance beat Wall Street expectations in the second quarter, with revenue of $43.7 billion, up 13% year over year. The payer raised its 2023 earnings guidance following the results but is still facing volatility due to Medicaid redeterminations, which could boot members off its Medicaid rolls.
