(11:46 a.m.) Molina Healthcare announced this morning that the company is replacing CEO Dr. J. Mario Molina and CFO John Molina due to financial concerns. The firm’s board of directors has named Chief Accounting Officer Joseph W. White to take on their positions on an interim basis, effective immediately, while a search for permanent replacements is conducted.
Dr. J. Mario Molina is up for re-election as a director on the board at the company’s annual meeting, which adjourns May 10, according to a company press release. John Molina is retaining his position as director. Dale B. Wolf, current board director, has been named non-executive chairman of the board.
“The Board of Directors appreciates Mario and John Molina’s leadership and contributions for more than two decades,” Wolf stated. “In light of the company’s disappointing financial performance, the board has determined to change leadership in order to drive profitability through operational improvements. These changes represent targeted and deliberate actions to enhance the company’s focus and improve its competitive position within the healthcare industry.”
For more information, see the May 9 issue of the Business Journal.