Joseph M. Zubretsky

Joseph M. Zubretsky

Molina Healthcare Inc. named Joseph M. Zubretsky chief executive Tuesday after a summer that included a layoff announcement and c-suite shakeup.

The 60-year-old executive with 35 years’ experience in the insurance and financial services industries, takes over the Long Beach-based insurance company on Nov. 6 from interim Chief Executive Joseph W. White.

“Joe is the right CEO to lead Molina during this transformative period,” said Dale B. Wolf, Molina Healthcare’s board chair, in a statement. “He has a track record of strong leadership across multiple businesses, both inside and outside managed care, and has first-hand experience in leading restructuring efforts at previous organizations.”

Zubretsky previously served as president and chief executive of Hanover Insurance Group, based in Worcester, Mass. He also served nine years at Aetna Inc. where he most recently was head of Aetna subsidiary Healthagen Holdings.

Molina announced this summer it would lay off 1,400 employees – 10 percent of its workforce – to cut costs. The announcement followed the abrupt firing of the company founder’s two sons: J. Mario Molina, who was chief executive, and John Molina, who was chief financial officer.

Molina’s market cap is $3.6 billion. The company provides managed health plans for about 4.7 million, mostly low-income patients on Medicare and Medicaid in 12 states and Puerto Rico.

Though its membership and revenue grew last year, net income plunged to $52 million from $143 million in 2015, according to the company’s annual financial report.

Molina’s stock fell Wednesday more than 2 percent to close at $63.58.

Health business reporter Dana Bartholomew can be reached at dbartholomew@labusinessjournal.com. Follow him on Twitter @_DanaBart.