Gary Loveman, Aetna has hired former CEO of the failing casino empire Caesars Entertainment Corp., to become president of Healthagen, Aetna’s health services and consulting arm.
The addition of Loveman to Aetna’s executive team marks another step in Aetna’s pursuit to expand its Healthagen brand. Healthagen works with doctors, hospitals, health systems and other insurers to change how they are paid and deliver care.
Loveman, 55, an economist by training and a former Harvard University professor, had been CEO of Caesars for 12 years before resigning in July. He built the company into one of the world’s largest casino conglomerates, but since the financial crisis of 2008, Caesars has hemorrhaged billions in losses. In 2014, it lost $2.8 billion on revenue of $8.5 billion and has lost $8.8 billion over the past five years. Its largest subsidiary filed for bankruptcy this year.