Gregory E. Deavens, the CEO of Independence Blue Cross, plans to retire at the end of 2025, the insurance company announced Wednesday.
Deavens took on the role four years ago, becoming the first Black man to lead the company, the largest health care insurer in the Philadelphia region. He replaced Dan Hilferty, who briefly retired before becoming the CEO of Comcast-Spectacor.
Under Deavens, IBX saw its consolidated revenue grow from $21.8 billion to more than $31 billion, the company said. He is credited with guiding IBX through much of the COVID-19 pandemic, overseeing a technology platform transformation, expanding behavioral health access and pushing to improve health outcomes for all members.
During Deavens' time, IBX spearheaded a coalition of regional health care systems that committed to moving away from race adjustments in clinical tools, a move that helped more patients get added to kidney transplant lists.
Deavens joined IBX in January 2017, serving as its chief financial officer and treasurer before becoming CEO. He previously served as a senior vice president and corporate controller for Massachusetts Mutual Life Insurance Co. from 2006 to 2016 and held leadership roles with New York Life, Cigna and GE Capital.
After eight years at IBX, Deavens said the timing was right for the company to undergo a leadership transition.
"I have achieved a great deal in my career and am looking forward to my next chapter," Deavens said in a statement. "As Independence builds out its strategy for the next five years, I felt it was best to have a CEO in place who'd be executing that plan."
Charles Pizzi, chairman of IBX's board of directors, praised Deavens for providing "steady leadership" during the pandemic.
"Under his direction, the company experienced significant revenue growth while deploying new initiatives and implementing important changes that will enable us to compete effectively well into the future," Pizzi said in a statement. "Greg's unwavering commitment to the communities we serve is reflected by the high regard and stature he receives locally and nationally."
Deavens will continue serving as chairman of the AmeriHealth Caritas Board of Directors through 2025. AmeriHealth Caritas is a Medicaid-managed care company that is jointly owned by IBX and Blue Cross Blue Shield of Michigan. Deavens also serves as chairman of the board of the Chamber of Commerce for Greater Philadelphia.
Independence also announced that Richard L. Snyder has been promoted to serve as chief operating officer. He previously had been the company's executive vice president of health services.