Independence Blue Cross CEO plans to retire by end of the year

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After four years at the helm of Independence Blue Cross in Philadelphia, its CEO Gregory Deavens expects to retire at the end of December, the company announced on Wednesday.

Deavens, now 63, has served in the role since January 2021.

It was during the middle of the COVID-19 pandemic, when the healthcare industry was stretched thin due to high demand and insurance companies implemented emergency measures during the height of the crisis.

Deavens is credited with playing a “pivotal role in driving the company’s growth, success and innovation,” according to Independence Blue Cross in a news release. He was previously the chief financial officer of the insurance company since 2017.

Deavens said it was the right time to move on.

“I have achieved a great deal in my career and am looking forward to my next chapter,” he said in a news release. “As Independence builds out its strategy for the next five years, I felt it was best to have a CEO in place who’d be executing that plan.”

The insurer generated nearly $22 billion in revenue in 2020, which has grown to more than $31 billion in 2024.

During that time, the company rolled out major changes to its underlying technology programs, expanded its behavioral health services and promoted racial equity in healthcare. For example, the health insurer created a regional coalition to eliminate race-based adjustments in clinical tools, which enabled more patients to be added to the kidney transplant lists. The company has also decided to restrict insurance coverage for popular weight loss drugs.

Independence Blue Cross employs 14,000 workers across all its subsidiaries.

Dr. Richard L. Snyder was promoted from executive vice president of Health Services at Independence Blue Cross to chief operating officer to help with the transition to a new CEO.

“Under his direction, the company experienced significant revenue growth while deploying new initiatives and implementing important changes that will enable us to compete effectively well into the future,” said Charles Pizzi, chairman of the Independence Health Group Board of Directors in a news release. “We appreciate Greg’s steady leadership during an incredibly dynamic time in the health care industry.”

Deavens is also the chairman of the Board of the Chamber of Commerce for Greater Philadelphia, the African American Museum in Philadelphia and the Barnes Foundation.