Startup insurance company Bright Health announced Thursday that current president Mike Mikan will step into the role of CEO effective April 30.
Current CEO and co-founder Bob Sheehy will serve as the executive chairman of Minneapolis-based Bright's board.
Mikan was hired as president in Sep. 2019. Before Bright, Mikan was an executive at UnitedHealth Group Inc., as well as the interim CEO of Best Buy Co. Inc.
“Bright Health is fundamentally changing the health care experience in this country,” Mikan said in a statement.
“We started Bright Health over four years ago with a singular goal – to transform healthcare," Sheehy said in a statement. “I’m deeply proud of the foundation we have laid and of the incredible growth Mike and I have achieved working together."
Bright also announced that Jeff Immelt, the former chairman and CEO of General Electric and currently a partner at Timonium, Md.-based venture capital firm New Enterprise Associates would join the board on April 30. Kedrick Adkins, a former chief financial officer at Mayo Clinic, and Naomi Allen, the co-founder and CEO of digital behavioral health company Emilio Health, joined the board earlier this year.
Bright closed out 2019 with a $635 million round of venture capital funding from firms like New Enterprise Associates and Menlo Park, Calif.-based Redpoint Ventures. That round is believed to be the largest in state history.
Sheehy said in February he expected Bright to post revenues in excess of $1 billion this year. The insurer now has 200,000 customers across the country and operates in markets like New York City, Chicago and Los Angeles.
