Aetna President Retires

Michael J. Cardillo, president of Aetna U.S. Healthcare, is retiring after 14 years with the company. Cardillo, 57, joined U.S. Healthcare in 1986 and became head of the combined company’s health care division after merging with Aetna in 1996.

In February, CEO Richard Huber resigned after being unable to stop the financially troubled company’s stock price from falling sharply. Cardillo’s announcement comes just one month after the company announced it would hire a new CEO for its health insurance business. The company plans to split the unit off as a separate company from its financial operations. Cardillo was to report to the new CEO.