Mark Keim will serve as CFO, succeeding Thomas Tran who retired Wednesday.
Molina Healthcare appointed Mark Keim as the organization's CFO, effective Wednesday, according to a filing with the Securities and Exchange Commission.
Thomas Tran, who served as CFO for Molina since June 2018, retired from his post effective Wednesday. Through an agreement, he will offer "transition services and make himself available as reasonably requested by the company" through May 31, according to the form.
Molina will provide Tran with $1.75 million compensation for his transition services, to be paid after his termination date.
Molina originally announced Tran's intent to retire and the transition of CFO to Keim, in a press release last November.
"I want to thank Tom for his tremendous contributions to Molina over the past two and a half years," Joe Zubretsky, Molina president and CEO, said in the press release. "During his tenure as CFO, Tom played a key role in driving the company’s margin recovery and sustainability. Tom’s leadership was instrumental to Molina’s transformation, and we are pleased that we will continue to benefit from his insights and expertise over the coming months in advance of his retirement. On a personal note, when Tom is officially retired, I will miss his tenacity, wisdom, and good nature."
Keim, who joined Molina in January 2018 as executive vice president of strategic planning, corporate development, and transformation, will receive a new base salary of $850,000, an increase of his previous $650,000 base salary. He could also receive a 100% bonus of his base salary and "a target long-term equity incentive grant for 2021" of $3.5 million.
"We are delighted that Mark will transition into the CFO role and will continue to build upon our great momentum. Mark has deep familiarity with the company and his experience in finance, strategy, and corporate development make him the perfect choice for this position," Zubretsky continued in the press release. "Since joining Molina in 2018, Mark has architected our enterprise strategy, executed our M&A strategy, engineered and executed our capital structure transformation, and played an instrumental role in developing external partnerships that increased Molina’s capabilities and reduced its costs. Mark will remain a great asset in his expanded role as we continue driving our growth strategy and business."
Melanie Blackman is the strategy editor at HealthLeaders, an HCPro brand.
Photo credit: Milan, Italy - November 1, 2017: Molina Healthcare logo on the website homepage. / Editorial credit: Casimiro PT / Shutterstock.com