8-KLeadership ChangesRegulation FDExhibits & Filings

CENTENE CORP 8-K Report, Executive Changes (May 7, 2021)

Filed May 7, 2021For Securities:CNC

Summary

Centene Corporation (CNC) announced a significant leadership change in its finance department through an 8-K filing dated May 7, 2021. Andrew L. Asher has been appointed as the new Executive Vice President and Chief Financial Officer (CFO), effective immediately. This appointment sees Jeffrey A. Schwaneke stepping down from the CFO role but remaining with the company as Executive Vice President of HealthCare Enterprises. This transition aims to leverage Mr. Asher's extensive financial expertise, particularly his prior experience as CFO of WellCare Health Plans, which Centene acquired in 2020. The filing also details Mr. Asher's compensation package, including a base salary of $975,000, a target annual bonus of 100% of his base salary, and a target cash long-term incentive opportunity also at 100% of his base salary. Additionally, he will receive a one-time award of 50,000 restricted stock units, vesting over three years. Investors should note the continuity in leadership within Centene, as Mr. Schwaneke transitions to a key operational role, and the clear alignment of Mr. Asher's compensation with performance metrics.

Key Highlights

  • 1Andrew L. Asher appointed as new Executive Vice President and Chief Financial Officer (CFO) effective May 7, 2021.
  • 2Jeffrey A. Schwaneke departs as CFO but remains with Centene as EVP of HealthCare Enterprises.
  • 3Mr. Asher brings significant financial experience, including six years as CFO of WellCare Health Plans.
  • 4New CFO's compensation includes a $975,000 base salary and target annual bonus of 100% of base salary.
  • 5Mr. Asher is eligible for a long-term incentive plan with a target opportunity of 100% of base salary.
  • 6Awarded 50,000 time-based restricted stock units vesting over three years.
  • 7No undisclosed related-party transactions or family relationships with the new CFO are reported.

Frequently Asked Questions

Andrew L. Asher has been appointed as the new Executive Vice President and Chief Financial Officer of Centene Corporation, effective May 7, 2021.

Jeffrey A. Schwaneke has ceased to serve as CFO but will remain with Centene Corporation as its Executive Vice President of HealthCare Enterprises.

Mr. Asher's compensation includes a base salary of $975,000, a target annual cash bonus of 100% of his base salary, and a target cash long-term incentive opportunity of 100% of his base salary. He will also receive a one-time award of 50,000 time-based restricted stock units vesting over three years.

Mr. Asher joined Centene after the WellCare acquisition in January 2020 and previously served as Executive Vice President, Envolve Health and CEO of Envolve Pharmacy Solutions. Prior to that, he was the chief financial officer of WellCare for six years and has over 30 years of finance experience, including senior roles at Aetna and Coventry Health Care.