Prominent Investor Is a Fan of UnitedHealth Group’s (UNH) New CEO

Stephen Weiss, who frequently appears on CNBC, noted on the network yesterday that he was holding onto his position in UnitedHealth Group Incorporated (UNH) after UNH’s CEO, Andrew Witty, resigned, citing “personal reasons.”

A senior healthcare professional giving advice to a patient in a clinic.

Weiss is bullish on Witty’s replacement, Stephen Hemsley, who had been serving as the firm’s chairman and was its CEO between 2006 and 2017.

Weiss is the Chief Investment Officer and Managing Partner of Short Hills Capital Partners

Weiss’ Positive Comments on Hemsley and UnitedHealth Group Incorporated (UNH)

During Hemsley’s previous stint as CEO, “he did a great job,” said Weiss, who added that he knows Hemsley personally. The investor believes that UNH’s decision to return Hemsley to the CEO position was “the right move.”

The new CEO can “right the ship” at UNH, asserted Weiss, noting that Hemsley has been involved in managing the company as its chairman.

UNH is “still the world’s largest insurance company,” noted Weiss. The investor added that he also has “tremendous respect” for the firm’s CFO and president, John Rex.

Weiss Decided Not to Buy More Shares

 The well-known investor said he thought about purchasing more shares of UnitedHealth Group Incorporated (UNH) yesterday but ultimately decided against doing so.

“I haven’t (bought more shares) because I learned my lesson when I added last time,” said the investor, implying that the shares dropped after he had bought them on weakness in the past.

Indeed, as of the market close on May 13, they had reached their lowest level since 2020.

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Disclosure: None. This article is originally published at Insider Monkey.