Evolent Health has named Dan McCarthy as president of the company and said co-founder and former CEO Frank Williams will leave the board.
McCarthy joined New Century Health — a subsidiary of Arlington, Virginia-based Evolent — in 2014, previously serving as an SVP in partner development and chief growth officer. He has been New Century Health’s CEO since 2019 and will continue to serve in that role, the company said in a news release yesterday.
McCarthy starts in his new role on Sept. 15. He will report to Evolent Health CEO Seth Blackley.
McCarthy’s base salary increased to $460,000, according to a filing with the Securities and Exchange Commission. He will be eligible for the company incentive plan with a target bonus of up to 175% of his base compensation. He will also be entitled to rewards under stock incentive plans.
Evolent said Williams told the board he will not seek reelection as director at the June 2023 shareholder meeting. Williams was Evolent’s chair and CEO between 2011 and 2020.
“I could not be prouder of the work we have done at Evolent since our founding in 2011. It has been a privilege to be part of this amazing team and the value that we have created for our customers, patients, employees and shareholders,” Williams said in the news release. “Across the coming months, I will continue to partner with Board Chair Cheryl Scott, Seth Blackley and the rest of the Evolent Board of Directors to ensure a smooth hand-off through our next shareholder meeting.
In the SEC filing, Evolent said Williams’ decision to leave “was not due to any disagreement relating to matters concerning the company’s operations, policies or practices, and the board is greatly appreciative of Mr. Williams’ guidance, leadership and commitment to the company.”
Said Blackley: “Frank has been an outstanding leader for Evolent and an essential partner to me these past several years. We appreciate the smooth transition he has facilitated for Evolent’s next chapter.”
The company provides support to leading providers and health plans in gaining the operational scale and clinical performance required to succeed within value-based care.