PacifiCare Health Names Phanstiel President, CEO
Howard Phanstiel, PacifiCare Health Systems’ acting president and chief executive, has been named to fill the posts, the company said Thursday. Phanstiel had been acting CEO of the Santa Ana-based managed-care company since October, when he was picked to succeed Robert O’Leary, who had resigned after three months. Phanstiel joined PacifiCare in July as chief financial officer.
The company has been struggling to turn itself around after a series of losses. It has seen its stock plummet 78% this year. In October, Phanstiel told The Times he estimated that it would be at least two years before any turnaround would be complete.
“Howie is well-grounded in the fundamentals of managed care with the ability to immediately lead the company,” said PacifiCare chairman David Reed.
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