Rick Chiricosta's Retirement
October 19, 2021
CLEVELAND, Ohio – Rick Chiricosta today announced his plan to retire as Chairman, President and CEO of Medical Mutual of Ohio, a role he has held since January 2009. Mr. Chiricosta will remain with Medical Mutual through the end of 2022 to provide a smooth and seamless leadership transition.
The board has selected executive search firm Spencer Stuart to assist with the search for Mr. Chiricosta’s successor.
“On behalf of our board of directors and the Medical Mutual family, I want to thank Rick for his visionary leadership and unwavering dedication to the communities we serve,” said Lead Director Bob King. “He has been the heart and soul of our company, fiercely dedicated to its customers and its employees, for more than a decade. I couldn’t be happier with the positive momentum he and his team have created in a very challenging environment. One of the greatest legacies Rick will leave behind is an extraordinarily engaged employee culture of service and excellence.”
Mr. Chiricosta began his career with Medical Mutual in 1986 as Controller of the company’s western division in Toledo. In 1989, he became Chief Financial Officer for 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 serve as Vice President of Finance. In 2006, he was named to the dual roles of President, Consumers Life Insurance Company, and Executive Vice President, Mergers & Acquisitions. He was then named President and Chief Executive Officer in 2009 following the untimely death of Kent Clapp. In 2013, he was named Chairman of Medical Mutual’s board of directors.
During his tenure with Medical Mutual, Mr. Chiricosta had numerous accomplishments that greatly contributed to the company’s success.
- Helped build Medical Life into one of the country’s most successful group life and disability carriers before it was sold by Medical Mutual in 1997. Ten years later, Mr. Chiricosta led the company’s re-entry into the life insurance business, which continues to represent an important component of Medical Mutual’s product offerings.
- At a time when the company’s future was in jeopardy, completed several major financial transactions, collectively raising more than $100 million in cash and much-needed equity.
- Led Medical Mutual through the adoption and implementation of the Affordable Care Act (ACA), which expanded access to health insurance for thousands of Ohioans.
- Significantly broadened access to healthcare through the expansion of Medical Mutual’s Northeast Ohio provider network; established a comprehensive national network to better serve our members across the country.
- Was behind Medical Mutual’s entry into Medicare Advantage in 2016, with the company earning the highest enrollment of any new plan in the United States that year; and most recently, earning the coveted 5-Star designation for the Medicare Advantage PPO plans.
- Doubled the company’s surplus, ensuring the company’s financial stability and availability of capital required to fund future investments necessary to focus on the long-term betterment of Ohioans.
- Oversaw key acquisitions, including Superior Dental Care, HealthSpan, Bravo Wellness and ESI Employee Assistance Group, helping Medical Mutual grow and diversify its product lines and geographic footprint.
- Created Mutual Appreciation, an employee-engagement and customer-retention program that rewards employees when they patronize 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 was unmatched. He served as secretary of the board of directors for the Rock & Roll Hall of Fame. He also chaired the boards of the Greater Cleveland Partnership and the Cuyahoga Community College Foundation, was vice chair of the board of the Kidney Foundation of Ohio and served on the executive committee of the United Way of Greater Cleveland board. Mr. Chiricosta was co-chair of the Greater Cleveland Food Bank’s 2019 and 2020 Harvest for Hunger campaigns and co-chair of the United Way of Greater Cleveland’s 2012 campaign. He was a past president of The 50 Club of Cleveland, a graduate of the 2006 class of Leadership Cleveland and was inducted into the Northeast Ohio Business Hall of Fame in 2011.
“It has been an honor of a lifetime to serve Medical Mutual’s members and employees,” said Mr. Chiricosta. “This company, and the amazing people who work here, are so important to Ohio’s communities. I’m forever grateful for the time I have spent here and the impact it has had on my life.”
About Medical Mutual of Ohio
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 more than 1.5 million Ohioans through our high-quality health, life, disability, dental, vision and indemnity plans. 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 we are owned by our members, not stockholders, so we don’t answer to Wall Street analysts or 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.