Doesn’t a new CEO increase the likelihood of layoffs?
I didn’t have a strong opinion on Witty either way, but shouldn’t this be a “devil you know” situation?
For those who dislike Witty, what are your reasons?
9 replies (most recent on top)
Yes I think you should sell now. I mean you will lose money either way I sold mine back in January early this year because the writing has been on the wall since that change healthcare hack it’s down 258 per share I would dump it could go lower by next week!
We have not seen the last of Witty .
Should I sell my uhc shares?
I really hope they’ll come in and layoff all the change healthcare people they always ask the d-mbest questions in meetings and seem to add no value. Seeing the above post of $50B in unrealized value it makes perfect sense. If we are looking for cost saving due to the new ceo and trump tariff uncertainty I say go raid CHC first.
There have been more than a few missteps and employees have paid the price. A couple come to mind:
- UHG Partnership with Red Ventures never materialized. Lots of money no results
- UHG's acquisition of Change Healthcare resulted in $50 billion in unrealized revenue
- Cybertack resulting in 22 million payoff.
Probably other stuff going but that's what I know about. If they are replacing someone it is usually because there is a lack of organization leadership that impacts revenue.
As I remember it...Sir Witty was CEO in 2019., Then left when Covid (2020) hit & went to "help" WHO.
Dave W 2020 CEO was mysteriously let go in 2021when Witty returned.
From my time reading the posts back to 2017, layoffs started in 2017. Then a significant ramp up in 2019 & a pause in 2020 during COVID.
10% annual RIF started in either 2023 or 2024.
Witty was bad in every way imaginable.
Helmsley is the chairman of the board so had to have a hand in the direction of the organization. It is just a desperation move to try to stop the freefall of the share price since all of their wealth is tied to share prices and getting loans on those shares for tax avoidance. If the price does not stabilize there will be a collateral call on shares so they will have to sell. But they can book a loss on sold shares if they sell so tax advantage. The part they have no control of is the high utilization rate of all the medicare and medicaid plans. It was assumed all the gov money was a nice rent seeking business plan but oopsie the population is aging quickly and health declining quickly. UNH was way overpriced compared to peers. In long term may a good entry point
No it’s good he’s gone the ceo before him was very genuine and had the employees best interest at heart since witty started in 2021 things have gotten so much worse for the company the Change Hack, insider trading stealing from employees 401k the mu---r of Brian all these layoffs the stock crashing nothing good has come out of Witty being the CEO good riddance now UHG has a chance to get someone that cares about the growth of UHG and the employees lastly not to mention he had a huge salary and bonus but was ok with employees losing their jobs why did Heather leave CEO of Optum I’m sure Witty has something to do with that too and lastly UHG has had more lawsuits than anyone could imagine since Witty been in charge he needs to GO!!!!