finance chief is leaving the financial institution to take over the finance division at Oscar Well being Insurance coverage Corp., an insurance coverage startup.
McLean, Va.-based Capital One, which additionally affords bank cards, auto loans and financial savings accounts, on Thursday mentioned Chief Monetary Officer R. Scott Blackley resigned, efficient March 1. He’ll take up his new submit because the CFO of Oscar on March 16, the insurance coverage supplier mentioned.
Mr. Blackley joined Capital One in 2011 and served as controller and principal accounting officer earlier than taking the CFO place in 2016.
He might be succeeded by Andrew Younger, an organization veteran who serves as Capital One’s senior vp and CFO of the corporate’s enterprise segments. Mr. Younger, who joined the corporate in 1996, will change into CFO on March 1.
Mr. Younger will proceed to report back to Mr. Blackley over the subsequent three months whereas the corporate completes its year-end monetary reporting processes and to make sure a easy transition, a spokesman for Capital One mentioned.
In his new position, Mr. Younger is anticipated to assist enhance the corporate’s profitability, which has lagged behind amid the pandemic, mentioned Warren Kornfeld, an analyst at Moody’s Traders Service, the rankings agency.
Capital One reported a revenue of $148 million for the primary 9 months of the yr, in contrast with $4.36 billion within the prior-year interval, based on a submitting. Income, at $7.38 billion, was up 6% throughout the quarter ended Sept. 30 in contrast with the prior yr’s quarter.
At Oscar, Mr. Blackley is about to succeed Sid Sankaran, who’s leaving the corporate on March 15 to change into chairman and chief government of SiriusPoint Ltd., a world reinsurance firm. Mr. Blackley might be answerable for company technique, threat administration, monetary planning and evaluation, amongst different issues, a spokeswoman for Oscar mentioned.
New York-based Oscar, which was co-founded in 2012 by Joshua Kushner, the brother of White Home senior adviser Jared Kushner, up to now has raised $1.4 billion in funding.
Oscar, which offers medical health insurance for greater than 420,000 members, has but to show an annual revenue. It first reported a quarterly revenue in 2018. The spokeswoman declined to touch upon whether or not or not the corporate plans to record on the general public markets.
—Colin Kellaher contributed to this text.
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