The CEO of Blue Cross and Blue Shield of Minnesota, Michael Guyette, is stepping down next month.
Guyette has led the state's largest health insurer over five difficult years.
He will become CEO at VSP Global, an eye care and insurance company. Blue Cross board chair Rita Heise praised Guyette for his leadership during a time of "unprecedented change."
"Mike was able to grow our overall membership and successfully navigate Blue Cross through many complexities and transformations," she wrote in a press release. "He launched multiple innovation efforts and new diversified businesses while simultaneously strengthening our core health insurance operations."
The company struggled selling health coverage to individuals and families, eventually withdrawing from that market. That was a big factor in its nearly $300 million in combined losses from 2014 through 2016.
Through the first three quarters of last year, the organization had net income of $50 million.
A search for a new CEO is underway. Board member Kathleen Blatz will serve as interim CEO.
Editor's note: An earlier version of this story used an outdated photo of Guyette.