UnitedHealth Group CEO Stephen Hemsley, who replaced Andrew Witty, said he has the right strategy in place “for the era ahead.”

Andrew Witty’s departure from the CEO position was due to “personal reasons”, the company said in a statement.

UnitedHealth Group announced that Andrew Witty will step down as CEO due to “personal reasons.” He is being replaced by Stephen J. Hemsley, who served as the company’s CEO from 2006 to 2017.

Stephen Hemsley hasn’ t been CEO at UnitedHealth Group in nearly a decade yet he’ s never really left. Since that day, the company’ s stock has fallen from $610 a share to $308 on Tuesday, an unprecedented decline for the company that culminated in this week’ s CEO transition.

UnitedHealth Group (NYSE:UNH) recently experienced significant developments, including the appointment of Stephen J. Hemsley as CEO after Andrew Witty's resignation, and the suspension of its 2025 earnings outlook due to accelerating care activities and higher-than-expected medical costs.

Shares of UnitedHealth are diving nearly 8% after the health insurer suspended its 2025 guidance and said Stephen J. Hemsley, currently chairman, would take over as chief executive, effective immediately.

May 13 (UPI) -- UnitedHealth Group announced Tuesday CEO Andrew Witty will step down, citing "personal reasons." Witty will leave the role of CEO and be replaced by Stephen J. Hemsley, effective immediately.

Hemsley, 72, had led the company for more than a decade until 2017 and is re-taking the reins following a series of setbacks.