Brian Evanko to Succeed David Cordani as CEO of The Cigna Group

The leadership change comes as the health insurer shifts toward a new business model that excludes after-market discounts, known as rebates.

Cigna on Tuesday announced that long-time Chief Executive Officer David Cordani will retire and transition to executive chair of the board effective July 1. He will be succeeded by company insider Brian Evanko, currently president and chief operating officer.

The leadership change comes as the health insurer shifts toward a new business model that excludes after-market discounts, known as rebates. The company has said the transition is expected to pressure margins over the next two years.

Evanko, 49, has spent three decades at Cigna and currently oversees its insurance segment, Cigna Healthcare, and health services division Evernorth. Cordani, 60, joined the company in 1991 and has served as CEO since 2009.

The announcement surprised some analysts. Shares of Cigna fell more than 5% following the news. Julie Utterback, analyst at Morningstar, said the company had been “a relatively steady part of the MCO industry,” adding that a CEO transition introduces uncertainty at a time when the sector has seen limited disruption compared to peers.

Last month, Cigna issued a softer profit forecast for 2026 but reaffirmed that outlook on Tuesday alongside the leadership announcement.

During Cordani’s tenure, Cigna acquired pharmacy benefits manager Express Scripts for $54 billion in 2018 and divested its Medicare Advantage business to Health Care Service Corporation last year. The company has also scaled back its Affordable Care Act exchange presence, shifting focus toward pharmacy benefits and employer-sponsored health plans.

Analysts described Evanko as a natural successor. Michael Wiederhorn, analyst at Oppenheimer, said the move suggests Cigna is unlikely to pursue transformational changes following several near-merger discussions with Humana over the past decade.

Barclays analyst Andrew Mok noted that Evanko will be among the youngest CEOs in healthcare services, while also one of the most tenured. Mark Andraos, partner at Regency Wealth Management, said the reaffirmed guidance indicates that the leadership change is not expected to alter the company’s growth targets or strategic direction.

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