Centene Corp. is officially short an executive vice president of healthcare enterprises, with the St. Louis-based insurer “mutually agreeing” that longtime executive Jeffrey Schwaneke should resign last week.
Schwaneke worked at the insurer for 13 years.
As part of its separation agreement, Schwaneke will receive a year’s salary and subsidized COBRA benefits, according to a filing with the U.S. Securities and Exchange Commission on Monday. None of his outstanding equity awards will vest in connection with his resignation and Schwaneke will receive a $3 million lump-sum cash payment in exchange for relinquishing any accelerating vesting, the filing said.
Centene did not immediately respond to an interview request.
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Schwaneke moved to the role of executive vice president of healthcare enterprise in May, where he worked to design technology products and services for Centene’s non-health plan businesses and reported to the division’s president, Sarah London. At the time, Centene attributed the move to its executive development policy. Schwaneke previously served as chief financial officer and reported to CEO Michael Neidorff.
He had served as Centene’s CFO for five years and, before that, worked as the insurer’s controller and chief accounting officer for nearly eight years, according to his Linkedin profile.
Schwaneke was responsible for guiding Centene through the final stages of its $6.8 billion acquisition of Health Net in 2016, which at the time created the nation’s largest Medicaid managed-care company.