Cigna CEO regretted deal with Anthem before it fell apart
In the midst of breakup woes that include a court fight, the failed merger between Cigna and Anthem apparently weighed heavily on the mind of Cigna’s CEO, David Cordani, before it even fell apart. According to Bloomberg, Cordani privately expressed regret he had agreed to the deal that would have left him in a reduced role.
Had the merger gone through, Anthem CEO Joseph Swedish would have led the combined company, Bloomberg reported.
The potential deal, which was worth approximately $50 billion, ended in 2017. It would have created the nation’s largest health insurance provider. The two companies are still dealing with the fallout; Cigna and Anthem have both launched lawsuits against each other to cover the bills of the merger exploration, including a $1.85 billion fee.
Anthem has accused Cordani of sabotaging the deal, while Cigna has blamed Anthem managers for obstacles in the antitrust process. Reportedly, Cordani said his “soul was still unsettled” by the deal as the merger exploration was underway, Bloomberg reported.
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Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."