UnitedHealth Group Inc (NYSE: UNH) David S. Wichmann, president of UnitedHealth Group, will succeed Stephen J. Hemsley as chief executive officer and become a director of the company, effective Sept. 1, 2017.

UnitedHealth Group Incorporated is a health and well-being company. It offers a broad spectrum of products and services through two distinct platforms: UnitedHealthcare, which provides health care coverage and benefits services; and Optum, which provides information and technology-enabled health services. Shares of the company increased in value more than 20% year to date.

Stephen J. Hemsley said in a statment, “This is the right time for this transition to take place, as the company is performing strongly and has a positive outlook for the forseeable future, and Dave Wichmann is the right choice to succeed as CEO for that future. With nearly 20 years of service to the company, Dave has the business and leadership skills, enterprise knowledge and support, broad health care experience, and deep expertise in areas that are critical to our future – especially growth-oriented technology, operations and global markets. He is the right person to lead UnitedHealth Group through the continuing evolution of health care. I look forward to continuing to help drive the mission, growth, quality, performance and development of this enterprise in my new role as, together, we continue to improve health and health care for the people we serve, while providing consistent returns to shareholders.”