Stephen Hemsley hasn’t been CEO at UnitedHealth Group in nearly a decade yet he’s never really left. Hemsley, 72, has remained chairman and a major shareholder in the health care behemoth — and now is back in the CEO

UnitedHealth Group CEO Andrew Witty has stepped down unexpectedly and company veteran Stephen Hemsley is returning to the top role to steer the healthcare conglomerate through one of its most challenging periods.

UnitedHealth stock offers high risk/reward potential amid challenges like CEO resignation & DOJ investigation. Learn more about UNH stock here.

The White House unveiled what it says is $600bn worth of defence and artificial intelligence deals with Saudi Arabia, UnitedHealth Group shares sink to the lowest level in more than four years, and US inflation fell to 2.3 per cent in April. Plus, Nissan plans to axe 15 per cent of its global workforce and almost halve its number of plants.

FILE PHOTO: UnitedHealth CEO Andrew Witty testifies before a Senate Finance Committee hearing about a recent cyberattack at the company's technology unit and its impact on patients and providers, in this frame grab taken from video on Capitol Hill in Washington, U.S., May 1, 2024. U.S. Senate/Handout via Reuters/File photo

UnitedHealth Group's stock has plunged nearly 50% due to the CEO resignation, withdrawal of guidance, and ongoing legal issues, creating a potential buying opportunity. The stock is deeply oversold with an RSI of 15, trading below both the 200-day and 50-day moving averages, indicating capitulation.

New UnitedHealth Chief Executive Stephen Hemsley will get a pay package worth $61 million, mostly in stock options that vest after three years, and which he could keep even if he steps down or is terminated sooner.

By Noel Randewich and Pranav Kashyap (Reuters) -Wall Street stocks ended mixed on Thursday, with gains in Cisco Systems following an upbeat forecast, while UnitedHealth tumbled after a report of a criminal investigation into the insurer.