Corporate Finances

Health Net Names New President of Northeast Plans, General Counsel

Health Net Inc. has reshuffled responsibilities of two executives in light of UnitedHealthcare's recent acquisition of the company's Northeast U.S. licenses.

Health Net said it named Linda Tiano as president of regional health plans for Health Net of the Northeast. She has served as senior vice president, general counsel and secretary since January 2007.

To replace Tiano, the company named Angelee Bouchard as senior vice president, general counsel and corporate secretary, effective immediately.

In the newly created position, Tiano will relocate to Health Net's Shelton, Conn. office and will lead the Northeast operations under an agreement with UnitedHealthcare. She will report to Jim Woys, Health Net Inc.'s chief operating officer.

Attempts to get comment from Health Net weren't immediately successful.

"Linda will work with the local management team to continue to provide excellent customer service for our members during this transition," Woys said in a statement.

Paul Lambdin, president of Health Net of the Northeast, who helped to close the Northeast transaction, will continue with Health Net during the first quarter of next year to help with the transition of membership to UnitedHealthcare.

Recently, UnitedHealthcare, a unit of UnitedHealth Group (NYSE: UNH), completed its roughly $180 million acquisition of Health Net's Northeast U.S. health plans in a deal that expands its presence in Connecticut, New Jersey and New York (BestWire, Dec. 14, 2009).

UnitedHealthcare was to pay Health Net (NYSE: HNT | Quote | Chart | News | PowerRating) $60 million for its Medicare and Medicaid business, and renewal rights for commercial membership (BestWire, July 21, 2009).

Bouchard joined Health Net in 2003 as vice president, assistant general counsel and assistant secretary. In this role, she oversaw the company?s corporate finance and merger-and-acquisition transactions as well as Health Net's corporate governance program.

Health Net of Connecticut, Health Net of New York and Health Net of New Jersey each currently has a Best's Financial Strength Rating of B+ (Good).