Mark T. Bertolini (born 1956) is an American businessman who is currently the CEO of

Oscar Health Oscar Health, Inc. is an American health insurance company, founded in 2012 by Joshua Kushner, Kevin Nazemi and Mario Schlosser, and is headquartered in New York City. The company focuses on the health insurance industry through telemedicine, ...

, a tech-driven health insurance company located in New York. He was the co-CEO of

Bridgewater Associates Bridgewater Associates, LP (informally known as "Bridgewater") is an American investment management firm founded by Ray Dalio in 1975. The firm serves institutional clients including pension funds, Financial endowment, endowments, Foundation (no ...

, one of the world's largest

hedge fund A hedge fund is a Pooling (resource management), pooled investment fund that holds Market liquidity, liquid assets and that makes use of complex trader (finance), trading and risk management techniques to aim to improve investment performance and ...

s, and was previously the

CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

Aetna Aetna Inc. ( ) is an American managed health care company that sells traditional and consumer directed health care insurance and related services, such as medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans, ...

, a Fortune 50 diversified health care benefits company with over $60 billion in 2015 revenue. Bertolini assumed the role of CEO on November 29, 2010 and of chairman on April 8, 2011, until Aetna was sold to CVS on November 28, 2018.

Early life and education

Bertolini was born in

Detroit Detroit ( , ) is the List of municipalities in Michigan, most populous city in the U.S. state of Michigan. It is situated on the bank of the Detroit River across from Windsor, Ontario. It had a population of 639,111 at the 2020 United State ...

, in 1956. He completed his undergraduate studies at

Wayne State University Wayne State University (WSU) is a public university, public research university in Detroit, Michigan, United States. Founded in 1868, Wayne State consists of 13 schools and colleges offering approximately 375 programs. It is Michigan's third-l ...

Michigan Michigan ( ) is a peninsular U.S. state, state in the Great Lakes region, Great Lakes region of the Upper Midwest, Upper Midwestern United States. It shares water and land boundaries with Minnesota to the northwest, Wisconsin to the west, ...

, and earned an

MBA A Master of Business Administration (MBA) is a professional degree focused on business administration. The core courses in an MBA program cover various areas of business administration; elective courses may allow further study in a particular a ...

from

Cornell University Cornell University is a Private university, private Ivy League research university based in Ithaca, New York, United States. The university was co-founded by American philanthropist Ezra Cornell and historian and educator Andrew Dickson W ...

Samuel Curtis Johnson Graduate School of Management The Cornell Johnson Graduate School of Management is the graduate business school of Cornell University, a private Ivy League research university in Ithaca, New York. Established in 1946, Johnson is one of six List of Ivy League business schools ...

Career

Bertolini held executive positions at

Cigna The Cigna Group is an American multinational for-profit managed healthcare and insurance company based in Bloomfield, Connecticut. Its insurance subsidiaries are major providers of medical, dental, disability, life and accident insurance and r ...

, NYLCare Health Plans, and SelectCare before joining

in 2003. He became

of Aetna on November 29, 2010, and chairman on April 8, 2011. As chairman, president and CEO of Hartford, Conn.-based Aetna, Bertolini oversaw a health insurer with more than $35.5 billion in revenue, according to 2012 figures. He served on the Board of Directors for the U.S.-China Business Council and on the Board of Directors for FIDELCO; an organization that trains, breeds and provides guide dogs for the visually impaired. In addition, Bertolini was on the Board of Directors for The

Hole in the Wall Gang Camp The Hole in the Wall Gang Camp, based in Ashford, Connecticut, is a nonprofit 501(c) organization, 501(c)(3) organization, residential summer camp, and year-round center serving children and their families coping with chronic illnesses such as ca ...

, an organization that focuses on serving children with serious illnesses including cancer. Bertolini received a total compensation of $10.6 million in 2011 and $13.2 million in 2012 despite a cut of bonuses from $2 million to $892,000 for failing to meet financial performance goals. In 2013, Bertolini received $30.7 million in compensation. Bertolini in April 2016 described Aetna's participation in ACA individual exchanges as "a good investment" despite initial losses, emphasizing the long-term possibilities. By July 5, 2016 he wrote to the DOJ that Aetna would, instead of expanding into 20 states, reduce its participation from 15 to ten states if its merger with

Humana Humana Inc. is an American for-profit health insurance company based in Louisville, Kentucky. In 2024, the company ranked 92 on the Fortune 500 list, which made it the highest ranked (by revenues) company based in Kentucky. It is the fourth l ...

were challenged by the DOJ. After that challenge occurred, Aetna reduced its participation in ObamaCare individual exchanges to four states, citing its inability to sustain the losses it incurred in those markets. Among the states Aetna abandoned was Pennsylvania where it ran a profit in 2014 and 2015 and projected a record profit for 2017. Bertolini said in an August 2 conference to financial analysts that the decision to withdraw from the exchanges was "a separate conversation" from the Humana merger lawsuit. In January 2017, the merger was blocked by a federal judge. Bertolini retired as the CEO of Aetna, after the company was acquired by CVS Health in November 2018. Bertolini assumed the role of CEO for Oscar Health on April 3, 202

In 2023, Bertolini's total compensation at Oscar Health was $44.5 million, representing a CEO-to-median worker Wage ratio, pay ratio of 455-to-1.

References

{{DEFAULTSORT:Bertolini, Mark 1956 births American chief executives of financial services companies Samuel Curtis Johnson Graduate School of Management alumni Living people Aetna employees Wayne State University alumni 20th-century American businesspeople Peterson Institute for International Economics Businesspeople from Detroit Bridgewater Associates people