PROVIDENCE, R.I. (WPRI) – Blue Cross & Blue Shield of Rhode Island President and CEO Peter Andruszkiewicz will retire May 1, 2016, the company confirmed Tuesday.
“It has long been part of my plan to retire at this point in my life and I am excited about what the next chapter will bring,” Andruszkiewicz, 58, said in a statement. He earned $1.1 million in 2014, a spokesman said.
Andruszkiewicz has led Rhode Island’s dominant health insurer through a tumultuous period since he was hired in 2011, particularly in overseeing its implementation of President Obama’s health law and the rollout of the state’s new HealthSource RI insurance marketplace. He has also worked closely with state leaders on various efforts to rein in health costs, most recently serving on Gov. Gina Raimondo’s Medicaid working group.
Blue Cross officials said the insurer’s board plans to conduct a nationwide search to find Andruszkiewicz’s successor.
“Since a thoughtful internal and external search process takes time, we are announcing Peter’s retirement now,” Randy Wyrofsky, the board’s chairman, said in a statement. “Peter will continue to serve in his role until we can identify a successor. This will ensure a seamless transition to the next leader of Blue Cross.”
Andruszkiewicz has trumpeted a turnaround in Blue Cross’s financial health since he came on board. The insurer had a $92 million deficit in its reserves before his arrival, but was able to make a $22 million contribution in 2013, its first since 2007, according to the company.
Blue Cross broke even in 2014 and “expects a positive result in 2015,” the insurer said Tuesday. The company, founded in 1939, currently has about 950 employees.
Andruszkiewicz is also chairman of the Greater Providence Chamber of Commerce.Ted Nesi (email@example.com) covers politics and the economy for WPRI.com. He hosts Executive Suite and writes The Saturday Morning Post. Follow him on Twitter: @tednesi