Formerly the company’s chief operating officer and chief financial officer, Duke will now lead Magellan’s strategic efforts and market expansion, the Phoenix, Arizona-based organization said July 7.
Expressing his pride to be trusted with the company’s leadership, Duke remarked that he is grateful to help steer a company that is concentrated on bettering communities’ health and wellbeing.
The executive’s first notable health industry role was as executive vice president and chief investment officer of National Health Insurance, which has since become a subsidiary of Allstate Insurance.
Subsequently, Duke spent 15 years at health insurance agency and notable ancillary insurance product underwriting operation HealthMarkets. At the latter company, he occupied positions such as chief investment officer, chief financial officer and chief operating officer, working as CFO and COO leading up to the company’s acquisition by UnitedHealth Group.
At HealthMarkets, Duke refined his skills with demanding financial, actuarial, customer services, information technology and underwriting responsibilities, experience he is expected to channel into his new role overseeing the formulation and implementation of Magellan’s business strategy.
Duke is succeeding previous CEO Ken Fasola in his new role. Fasola was CEO for two and a half years and like Duke, also served at HealthMarkets.
“Derrick is a tremendous executive who will provide exemplary leadership to Magellan as it continues on its growth journey,” assured Fasola.
The change in leadership is partially the result of Magellan’s sale to Centene in January. Fasola will now act as executive vice president of Health Care Enterprises at Centene.
As part of the organization’s wave of shifts in its executive team, Anna Sever was appointed interim CEO of Magellan’s federal arm in April.