Name: Andrew Toy
Previous title: President, Clover Health
New title: Chief executive officer, Clover Health
Toy will become CEO of the insurtech startup effective Jan. 1.
Clover’s current chief executive, Vivek Garipalli, who founded the company along with Toy and serves as chairperson, will become executive chair and focus on strategy.
In a Monday statement on the transition, Garipalli said Toy’s appointment is the culmination of a succession plan that’s been in place since Toy joined the company as chief technology officer in 2018.
Toy came to Clover from Google, where the executive coordinated enterprise activities for Android and ran machine learning, enterprise search and analytics for its workspace team. Before that, Toy co-founded and ran Divide, a company geared toward splitting work and personal data on mobile devices, which Google acquired in 2014.
Clover announced the news in tandem with its second quarter earnings. The Tennessee-based health insurer posted better than expected revenue — more than double its revenue from the same time last year at $846.7 million — and total lives under Clover management grew 99% year over year to about 255,400.
The company cut its net loss to $104.2 million in the quarter, compared to its loss of $317.6 million at the same time last year. In a call with investors Monday, Toy said the path to profitability is “a huge focus” for Clover, and highlighted shrinking its medical loss ratio and controlling operating expense growth as key avenues the company is pursuing.
Clover was founded in 2014 and went public last year in a $3.7 billion merger with blank-check company Social Capital Hedosophia III. Its stock has fallen more than 70% since its debut.
