CLEVELAND – (COMMERCIAL THREAD) – Rick Chiricosta today announced his intention to retire as Chairman, President and CEO of Medical Mutual of Ohio, a position he has held since January 2009. Mr. Chiricosta will remain with Medical Mutual until the end of 2022 to ensure a smooth leadership transition.
The board selected the executive search firm Spencer Stuart to assist in the search for Mr. Chiricosta’s successor.
“On behalf of our Board of Directors and the Medical Mutual family, I would like to thank Rick for his visionary leadership and unwavering dedication to the communities we serve,” said Senior Director Bob King. “He has been the heart and soul of our company, fiercely dedicated to its customers and employees, for over a decade. I couldn’t be happier with the positive momentum he and his team have created in a very difficult environment. One of the greatest legacies Rick will leave behind is an extraordinarily committed culture of service and excellence. ”
Mr. Chiricosta started his career at Medical Mutual in 1986 as controller of the company’s western division in Toledo. In 1989, he became CFO of Medical Life Insurance Company, then a wholly owned subsidiary of Medical Mutual. After a brief departure in 1998, Mr. Chiricosta returned to Medical Mutual in 1999 to assume the position of Vice President of Finance. In 2006, he was appointed to the dual positions of President, Consumers Life Insurance Company and Executive Vice President, Mergers and Acquisitions. He was then appointed President and CEO in 2009 following the untimely death of Kent Clapp. In 2013, he was appointed Chairman of the Board of Directors of Medical Mutual.
During his tenure at Medical Mutual, Mr. Chiricosta achieved many accomplishments that have greatly contributed to the success of the company.
Helped make Medical Life one of the country’s most successful group life and disability insurance companies before it was sold by Medical Mutual in 1997. Ten years later, Mr. Chiricosta led the comeback of the company in the life insurance sector, which continues to be an important part of Medical Mutual’s product offering.
At a time when the company’s future was in jeopardy, it completed several major financial transactions, collectively raising over $ 100 million in much-needed cash and equity.
Led Medical Mutual through the passage and implementation of the Affordable Care Act (ACA), which expanded access to health insurance for thousands of Ohioans.
Significantly expanded access to health care through the expansion of Medical Mutual’s provider network in Northeast Ohio; established a comprehensive national network to better serve our members across the country.
Drove Medical Mutual’s entry into Medicare Advantage in 2016, the company with the most new plans in the United States that year; and most recently, achieving the coveted 5-star designation for Medicare Advantage PPO plans.
Doubled the company’s surplus, ensuring the financial stability of the company and the availability of the required capital to fund future investments needed to focus on the long-term improvement of the people of Ohio.
Overseeing key acquisitions including Superior Dental Care, HealthSpan, Bravo Wellness and ESI Employee Assistance Group, helping Medical Mutual to develop and diversify its product lines and geographic footprint.
Created Mutual Appreciation, an employee engagement and customer loyalty program that rewards employees for hanging out with Medical Mutual customers, helping to generate more than $ 210 million for Ohio businesses.
Throughout his time at Medical Mutual, Mr. Chiricosta’s commitment to the community has been unmatched. He was secretary of the board of directors of the Rock & Roll Hall of Fame. He has also chaired the boards of directors of the Greater Cleveland Partnership and the Cuyahoga Community College Foundation, served as vice chairman of the board of directors of the Kidney Foundation of Ohio, and served on the executive committee of the board of directors of United Way of Greater Cleveland. Mr. Chiricosta served as the Greater Cleveland Food Bank’s 2019 and 2020 Harvest for Hunger Campaign Co-Chair and United Way of Greater Cleveland’s 2012 Campaign Co-Chair. He served as president of the 50 Club of Cleveland, graduated from the 2006 Cleveland Leadership Class, and was inducted into the Northeast Ohio Business Hall of Fame in 2011.
“It has been a lifelong honor to serve the members and employees of Medical Mutual,” said Mr. Chiricosta. “This company and the amazing people who work there are so important to the communities of Ohio. I am eternally grateful for the time I have spent here and the impact it has had on my life.
About the Ohio Medical Mutual
Founded in 1934, Medical Mutual is the oldest and one of the largest health insurance companies based in Ohio. We provide peace of mind to over 1.5 million Ohioans through our health, life, disability, dental, vision and vision plans. high quality compensation. We offer fully insured and self-funded group coverage, including stop loss, as well as Medicare Advantage, Medicare Supplement and individual plans. Medical Mutual’s status as a mutual company means that we are owned by our members and not shareholders, so we do not respond to Wall Street analysts and pay dividends to investors. Instead, we focus on developing products and services that allow us to better serve our customers and the communities around us and help our members achieve their best possible health and quality of life. For more information, visit the company’s website at MedMutual.com.