Health Net: Ratings Cut, Two Promoted
Posted on: Thursday, 3 March 2005, 00:00 CST
Mar. 3--Health Net of the Northeast has promoted two executives, and parent Health Net Inc. and its subsidiaries have been downgraded by Standard & Poor's.
Health Net of the Northeast, a tri-state health plan business based in Shelton, said Wednesday that William Lamoreaux has been promoted to chief operating officer and Paul Lambdin to the newly created post of chief commercial officer.
Both promotions are effective immediately, and both men report directly to Steven Hale Nelson, recently named president of Health Net of the Northeast after serving as its chief operating officer.
Lamoreaux, 42, who started with Health Net in January 2004 as health care delivery officer, now has responsibility for internal operations, including network, medical management, information technology, facilities and operations team.
Lambdin, 44, who joined Health Net as chief sales officer in April 2002, is now responsible for the profitability of all commercial lines of business.
In a separate matter this week, S&P lowered its credit rating on California-based Health Net Inc., the parent company, to BB from BB+, both in the speculative range. The BB+ debt rating on the company's $400 million of 9.875 percent unsecured senior notes was also lowered to BB and removed from CreditWatch.
S&P also lowered ratings on operating subsidiaries that included Health Net of Connecticut, which was downgraded to a BB+ ("marginal") financial strength rating from BBB- (good).
Health Net has 411,000 health plan members and 1,358 employees in Connecticut.
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HNT,
Source: The Hartford Courant, Connecticut
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