By Scott Kanowsky
Investing.com -- Shares in Oscar Health Inc (NYSE:OSCR) climbed by more than 63% on Tuesday after the U.S.-based health insurance company named former Aetna chairman Mark Bertolini as its new chief executive officer.
In a statement, the group said Bertolini will start in his new position on April 3. He will replace co-founder Mario Schlosser, who will become president of technology and lead a push to develop Oscar's tech platform.
Previously, Bertolini helmed health insurance giant Aetna, where he oversaw the sale of the business to CVS Health Corp (NYSE:CVS) for nearly $70 billion.
“Oscar Health is an established challenger brand in the healthcare industry, pushing the boundaries of how insurance operates and delivers for members,” said Mr. Bertolini.
Alphabet-backed Oscar Health allows patients to use its mobile app to fulfill a number of health-related services like scheduling physician visits and checking lab results. The group saw a burst of customer demand after the outbreak of the pandemic in 2020, as more people looked for remote healthcare options.
Shares in Oscar Health, which had their stock market debut in March 2021, have slipped by 62% over the past one-year period.