Cool Springs-based Medicare Advantage insurer Clover Health has named former Google exec Andrew Toy its new CEO. Current CEO Vivek Garipalli is transitioning to executive chairman of the board, effective January 2023.
Toy is currently president of Clover Health.
Toy will receive an annual base salary of $700,000, with an annual cash incentive bonus target for the same amount, plus a grant of company stocks, according to regulatory filings. Toy has served as the company’s president since March 2019 and has been a member of the board since November 2018. Additionally, he served as Clover’s chief technology officer from February 2018 to February 2022 before a new appointee took over the role. Before Clover, he served as a product director at Google.
The startup has seen a number of staffing changes in the past two years, including a new chief growth officer and chief strategy and development officer in July 2021, and the addition of a general counsel earlier this year. CFO Joseph Wagner stepped away in July 2021, and was replaced by Scott Leffler in May, with Mark Herbers assuming the role in the interim.
The company went public in early 2021. Shares for Clover (Ticker: CLOV) were up slightly Wednesday at $2.98 per share.