Aetna Chairman Plans to Step Down in April

Aetna Inc., the biggest U.S. health insurer, which is in the midst of revamping its managed-care policies, said William Donaldson will step down as chairman next month, after leading the $7.7-billion sale of two units and the spinoff of the health-care business. The company appointed a WellPoint Health Networks executive, Ronald A. Williams, to the position of chief of medical operations. Williams, 51, is president of WellPoint’s Blue Cross of California subsidiary. Donaldson, 69, was expected to give up the post sometime after Aetna spun off its health-care unit to shareholders in December. John Rowe, who was named chief executive last September, will add the role of chairman. Donaldson became Aetna’s chairman and CEO in February 2000, when Richard Huber quit under pressure from shareholders upset about the company’s performance. Under Donaldson, Aetna sold its financial services and international units to ING Group for $7.7 billion to focus on health care. Shares of Aetna, which has about 19 million customers, fell 18 cents to close at $37.40 on the New York Stock Exchange.