Bright Health Group Appoints Jay Matushak as Chief Financial Officer
Cathy Smith to Step Down to Pursue New Opportunity, Effective May 12, 2023
Mr. Matushak, a seasoned finance and operational executive with deep expertise in the healthcare business, joined Bright Health in 2021. He currently serves as Senior Vice President of Finance and is responsible for the wind-down of the Company’s ACA insurance business. He also serves as CFO of Bright HealthCare, the Company’s insurance business. Before joining Bright Health, Mr. Matushak served for six years as CFO of Blue Cross Blue Shield of
“Jay has deep knowledge of our business and a strong track record of financial leadership across the healthcare industry,” said Mike Mikan, President and CEO of Bright Health. “He is a proven leader, and he will play an important role in our continuing efforts to position Bright Health for long-term success.”
“I am honored to take on this role and work alongside the leadership team and talented finance team to execute on our financial and strategic priorities,” said Mr. Matushak. “I am confident in the tremendous opportunities ahead as we take action to ensure Bright Health is poised for future profitable growth.”
Mr. Mikan continued, “Cathy was integral in helping take Bright Health public, and we thank her for the many contributions she has made to the Company. She has been a valuable member of our leadership team and built a strong organization with a deep bench of talent, which will help ensure a smooth succession. On behalf of everyone at Bright Health, we wish Cathy all the best in her next chapter.”
Ms. Smith will continue in her role through the Company’s first quarter 2023 earnings and thereafter will serve in an advisory role to support a smooth transition. Ms. Smith’s decision to resign was not due to any conflicts with the Board or management team regarding the Company’s financial reporting or accounting principles or practices.
About Bright Health Group
Bright Health Group is a technology enabled, value-driven healthcare company that organizes and operates networks of affiliate care providers to be successful at managing population risk. We focus on serving aging and underserved consumers that have unmet clinical needs through our Fully Aligned Care Model in
Forward-Looking Statements
Statements made in this release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “projections,” “outlook,” “ensure,” and other similar expressions. These forward-looking statements include any statements regarding our plans and expectations with respect to Bright Health Group, Inc. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Factors that might materially affect such forward-looking statements include: our ability to continue as a going concern; our ability to comply with the terms of our credit facility, including financial covenants, both during and after any waiver period, and/or obtain any additional waivers of any terms of our credit facility to the extent required; our ability to sell our Medicare Advantage business in
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Investor Contact:
Stephen Hagan
IR@brighthealthgroup.com
Media Contact:
media@brighthealthgroup.com
Source: Bright Health Group, Inc.