The board of Fallon Health has voted to make the interim CEO and president roles currently held by Richard Burke permanent.
Burke has held the interim roles at the Worcester insurance provider since September, following the retirement of W. Patrick Hughes. Burke has been with Fallon since 1998 and done an excellent job of leading the company in the interim roles of CEO and president, according to David W. Hillis, chairman of Fallon’s board of directors.
“He acted swiftly and intelligently on opportunities and challenges, worked tirelessly to keep the organization focused and moving forward, and became even more engaged in Worcester, Lowell, Springfield and other key communities that Fallon serves,” he said of Burke.
Burke said he was prepared to lead Fallon forward on the back of the strong products it has to offer. He has held senior management roles overseeing Fallon’s government programs and has strong relationships in both local and federal government, according to a release from Fallon. Prior to his current role, Burke held the position of president of Senior Care Services and Government Programs.
Fallon Health was founded in 1977 and serves 222,328 members. The company’s latest financial results saw a net loss of $6.8 million in fiscal 2015, with company officials citing the rising cost of drugs. The other three largest nonprofit health insurers in Massachusetts — Harvard Pilgrim, Blue Cross Blue Shield of Massachusetts and Tufts Health Plan — also reported operating losses of $79 million, $30 million and $139,000, respectively, in 2015.
