UnitedHealthcare CEO kept a low public profile. Then he was shot to death in New York
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NEW YORK (AP) — Brian Thompson led one of the biggest health insurers in the U.S. but was unknown to millions of people his decisions affected. Then Wednesday's targeted fatal shooting of the UnitedHealthcare CEO on a midtown Manhattan sidewalk thrust the executive and his business into the national spotlight. Thompson, who was 50, had worked at the giant UnitedHealth Group Inc for 20 years and run the insurance arm since 2021 after running its Medicare and retirement business. As CEO, Thompson led a firm that provides health coverage to more than 49 million Americans — more than the population of Spain. United is the largest provider of Medicare Advantage plans, the privately run versions of the U.S. government’s Medicare program for people age 65 and older. The company also sells individual insurance and administers health-insurance coverage for thousands of employers and state-and federally funded Medicaid programs. The business run by Thompson brought in $281 billion in revenue last year, making it the largest subsidiary of the Minnetonka, Minnesota-based UnitedHealth Group. His $10.2 million annual pay package, including salary, bonus and stock options awards, made him one of the company's highest-paid executives. The University of Iowa graduate began his career as a certified public accountant at PwC and had little name recognition beyond the health care industry. Even to investors who own its stock, the parent company's face belonged to CEO Andrew Witty, a knighted British triathlete who has testified before Congress. When Thompson did occasionally draw attention, it was because of his role in shaping the way Americans get health care. At an investor meeting last year, he outlined his company's shift to “value-based care,” paying doctors and other caregivers to keep patients healthy rather than focusing on treating them once sick. “Health care should be easier for people,” Thompson said at the time. “We are cognizant of the challenges. But navigating a future through value-based care unlocks a situation where the ... family doesn’t have to make the decisions on their own.” Thompson also drew attention in 2021 when the insurer, like its competitors, was widely criticized for a plan to start denying payment for what it deemed non-critical visits to hospital emergency rooms. “Patients are not medical experts and should not be expected to self-diagnose during what they believe is a medical emergency,” the chief executive of the American Hospital Association wrote in an open letter addressed to Thompson. “Threatening patients with a financial penalty for making the wrong decision could have a chilling effect on seeking emergency care.” United Healthcare responded by delaying rollout of the change. Thompson, who lived in a Minneapolis suburb and was the married father of two sons in high school, was set to speak at an investor meeting in a midtown New York hotel. He was on his own and about to enter the building when he was shot in the back by a masked assailant who fled on foot before pedaling an e-bike into Central Park a few blocks away, the New York Police Department said. Chief of Detectives Joseph Kenny said investigators were looking at Thompson's social media accounts and interviewing employees and family members. “Didn’t seem like he had any issues at all,” Kenny said. "He did not have a security detail.” AP reporters Michael R. Sisak and Steve Karnowski contributed to this report. Murphy reported from Indianapolis. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get local news delivered to your inbox!Dodgers named among top landing spots for Rōki Sasaki after new development | Sporting NewsHail Flutie: BC celebrates 40th anniversary of Miracle in Miami
U.S. stock futures were little changed Sunday night after the S&P 500 and Nasdaq Composite posted their third straight winning week, ahead of key inflation data due out this week. Dow Jones Industrial Average futures fell by 15 points, or 0.03%. S&P 500 futures and Nasdaq 100 futures dipped 0.05% and 0.12%, respectively. > 24/7 San Diego news stream: Watch NBC 7 free wherever you are The S&P 500 and Nasdaq closed at fresh records Friday , rising 0.96% and 3.34% for the week, respectively. The Dow was the lone laggard, closing the week down 0.6%. Those moves come after the November jobs report showed stronger-than-expected growth, but not so much strength as to dent investor hopes the Federal Reserve will lower interest rates this month. The CME FedWatch Tool shows markets pricing in an 85% chance the target rate will be lowered by a quarter point at the conclusion of the Dec. 18 meeting. "Everything else is working exactly the way the Fed wants," Wharton School's finance professor Jeremy Siegel told CNBC's "Closing Bell" on Friday. "I think we're going to have one rate cut on that December 18 meeting, but truthfully, I think only two or three rate cuts next year. I think this strength could last." The Fed is now in a blackout period ahead for commentary of its policy-setting meeting, but investors will get one final piece of insight into their decision-making with key inflation data set to be released this week . The November consumer price index, due out Wednesday, is expected to show a slight uptick in pricing pressures. Economists polled by Dow Jones expect a 0.3% and 2.7% monthly and yearly increase, respectively. That would be up from 0.2% and 2.6%, respectively, from the prior month. Money Report Biden says U.S. will support Syria and its neighbors after Assad dynasty collapses President-elect Trump says Ukraine to ‘possibly' receive less military aid On Monday, investors will await October wholesale inventories data, due at 10 a.m. ET. Corporate earnings continue on Monday, with Oracle's results expected after the close. Stock futures open little changed Stock futures opened little changed Sunday night. Dow Jones Industrial Average futures fell by 15 points, or 0.03%. S&P 500 futures and Nasdaq 100 futures dipped 0.05% and 0.12%, respectively. — Sarah Min Also on CNBC How much holiday cheer is too much? Investor enthusiasm running high The Fed is on course to cut rates in December. What happens next is anyone's guess Next week’s inflation data could derail a market that’s priced for perfection
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