After 28 Years at Cigna, Brian Evanko Named CEO as David Cordani Retires July 1
- Brian Evanko, a 28-year company veteran, will become CEO on July 1, 2025.
- David Cordani, Cignina’s longtime leader, will retire as CEO and become executive chairman.
- Evanko currently serves as president and COO of the Bloomfield, Connecticut-based health insurer.
- Cigna Group announced the leadership transition on Tuesday.
Cigna Group announces leadership transition as longtime CEO David Cordani steps aside for longtime insider Brian Evanko.
CIGNA CEO CHANGE—Cigna Group confirmed Tuesday that David Cordani, its longtime CEO, will retire from the role later this year and hand leadership to Brian Evanko, a 28-year company veteran who currently serves as president and chief operating officer.
The transition marks the end of Cordani’s tenure as CEO and the beginning of Evanko’s leadership at the Bloomfield, Connecticut-based health insurer. Cordani will remain with the company as executive chairman, ensuring continuity at the top.
The announcement comes as Cigna continues to navigate a complex healthcare landscape, including regulatory pressures, pharmacy benefit management challenges, and evolving customer expectations.
David Cordani’s Legacy: 16 Years at the Helm of Cigna
David Cordani first joined Cigna in 2007 and became CEO in 2009, guiding the company through more than a decade of industry volatility and transformation. Under his leadership, Cigna expanded its global footprint, diversified into pharmacy benefit management with the $67 billion Express Scripts acquisition in 2018, and grew annual revenues to over $174 billion by 2023.
Strategic Milestones Under Cordani
Among Cordani’s most significant moves was the 2018 merger with Express Scripts, which positioned Cigna as a vertically integrated health services company. The deal expanded its reach into pharmacy benefits and specialty medications, helping Cigna compete with CVS Health and UnitedHealth Group. Cordani also oversaw the sale of Cigna’s global life, accident, and supplemental benefits business to New York Life for $6.3 billion in 2020, sharpening the company’s focus on U.S. health services.
Under Cordani, Cigna also launched Evernorth, a health services portfolio that consolidated Cigna’s pharmacy, care, and intelligence capabilities. Evernorth now accounts for more than 75% of Cigna’s total revenue, reflecting Cordani’s strategic shift toward high-margin services and away from traditional insurance premiums.
Financial Performance and Investor Impact
Since Cordani became CEO, Cigna’s stock has delivered a total return of over 340%, outperforming the S&P 500. Analysts credit his focus on cost discipline, M&A execution, and operational efficiency. However, Cigna has also faced criticism over its pharmacy benefit management practices, particularly its role in insulin pricing and rebates. Regulatory scrutiny has intensified, especially as Congress debates transparency in pharmacy benefit managers.
Cordani’s departure comes at a time when Cigna is facing pressure to prove its long-term growth strategy. Investors have questioned the sustainability of earnings from pharmacy rebates and whether Cigna can maintain its margin advantage over competitors like CVS and UnitedHealth.
Despite these challenges, Cordani leaves behind a company that is larger, more diversified, and more profitable than when he took over. His final earnings call as CEO is expected in May 2025, where he will likely highlight Cigna’s record-high adjusted EPS and cash flow generation.
Who Is Brian Evanko? Inside the Career of Cigna’s Next CEO
Brian Evanko joined Cigna in 1997 as a financial analyst and rose through the ranks over nearly three decades. He became CFO in 2016 and was promoted to president and COO in 2021, making him the clear internal successor to Cordani. Evanko has played a key role in Cigna’s capital allocation, including debt reduction after the Express Scripts acquisition and share repurchases totaling over $18 billion since 2018.
Key Career Milestones
Evanko served as CFO during the Express Scripts integration, helping Cigna achieve $750 million in cost synergies ahead of schedule. He also led the company’s pandemic response, including vaccine mandate policies and remote workforce transitions. As COO, he oversaw Evernorth’s growth and helped expand Cigna’s specialty pharmacy reach to over 100 million covered lives.
Known internally as a pragmatic operator, Evanko has deep relationships with investors and analysts. He has represented Cigna at more than 40 investor conferences and is viewed as a steady hand with deep financial expertise. His compensation in 2023 totaled $12.4 million, including stock and performance bonuses.
Evanko is a certified public accountant and holds a degree from the University of Connecticut. He lives in Connecticut and is active in local education philanthropy. He has served on the board of the Connecticut Children’s Medical Center and is a trustee of the University of Connecticut Foundation.
What the CEO Change Means for Cigna’s Strategy and Investors
While Evanko is seen as a continuity candidate, investors are watching for any shifts in strategy. Cigna has been exploring a breakup of its insurance and services businesses, according to people familiar with the matter. Evanko has publicly supported the integrated model, but analysts say he may pursue a spin-off if valuation gaps persist. Cigna’s share price has lagged peers like UnitedHealth and Elevance over the past two years.
Wall Street Reaction
Analysts at Morgan Stanley called the transition plan “well-telegrapged” and expect Evanko to maintain Cigna’s EPS guidance of $24.75 for 2025. JPMorgan noted that Evanko’s deep cost discipline and operational focus could lead to margin expansion in the Evernorth segment. Cigna’s stock fell 3.1% on the announcement, reflecting broader market weakness and not the leadership news.
Investors are also watching whether Cigna will resume M&A activity. Evanko oversdued the sale of Cigna’s Asian operations for $1.3 billion in 2022 and has signaled a preference for bolt-on acquisitions rather than large-scale deals. Cigna currently holds $3.4 billion in cash and short-term investments, giving Evanko flexibility to act.
What Challenges Await Cigna’s New CEO in 2025?
Brian Evanko inherits a company facing regulatory, competitive, and operational headwinds. The most immediate is the growing bipartisan pressure on pharmacy benefit managers. Congress is considering legislation to eliminate rebates between PBMs and drugmakers, a key revenue stream for Cigna’s Evernorth segment. Evanko has testified before Congress on PBM transparency and will likely lead Cigna’s lobbying efforts in 2025.
Regulatory and Legal Risks
Evanko must also manage Cigna’s exposure to opioid litigation. While Cigna is not a defendant in the major pharmacy cases, it faces subpoenas from state attorneys general over its PBM practices. The DOJ has also opened inquiries into insulin pricing, which could affect Cigna’s Express Scripts business. Evanko has said Cigna is cooperating fully and has not reserved material amounts for these cases.
Another challenge is Medicare Advantage margin compression. Cigna’s MA enrollment has grown to 1.2 million members, but CMS rate cuts and rising medical costs have squeezed profits. Evanko has said Cigna will focus on chronic disease management and home-based care to offset margin pressure.
Finally, Evanko must contend with labor unrest. Cigna has faced attrition in its call centers and pharmacy operations, with some workers unionizing. Evanko has expanded remote work policies and increased hourly wages by 6% in 2024, but labor costs remain elevated.
What’s Next for Cigna Under Evanko’s Leadership?
Looking ahead, Evanko has signaled three strategic priorities: expanding specialty pharmacy, growing Medicare Advantage selectively, and returning cash to shareholders. Cigna has committed to $10 billion in share repurchases through 2026 and plans to increase its dividend by 10% annually. Evanko has also said Cigna will invest $2 billion in digital health and AI tools to reduce administrative costs.
Expansion Plans
Cigna is eyeing acquisitions in specialty pharmacy and home infusion services. Evanko has said the company is in talks with several private equity portfolio companies, with deals likely in the $200–500 million range. Cigna is also expanding its international footprint, particularly in Canada and Australia, where PBM models are gaining traction.
On the insurance side, Evanko has ruled out a major Medicare Advantage expansion, citing margin headwinds. Instead, Cigna will focus on MA plans in counties where it already has provider partnerships, targeting 1.5 million members by 2027. Evanko has also said Cigna will explore employer-sponsored primary care clinics, similar to Amazon and CVS.
Finally, Evanko has pledged to improve ESG metrics, including greenhouse gas emissions and workforce diversity. Cigna has committed to net-zero emissions by 2050 and will release its first TCFD-aligned climate report in 2025. Evanko has said ESG performance will be tied to executive compensation starting in 2026.
Frequently Asked Questions
Q: When will Brian Evanko become CEO of Cigna?
Brian Evanko will officially become CEO of Cigna Group on July 1, 2025, replacing David Cordani, who will transition to the role of executive chairman.
Q: How long has Brian Evanko worked at Cigna?
Brian Evanko is a 28-year veteran of Cigna, most recently serving as president and chief operating officer before being named CEO.
Q: What role will David Cordani take after retiring as CEO?
After stepping down as CEO, David Cordani will become executive chairman of Cigna, continuing to serve the company in a leadership capacity.
