Tim Noel, leader of UnitedHealth Group’s retirement business, promoted to replace UnitedHealthcare CEO Brian Thompson after his tragic death.

UnitedHealth Group will promote one of its top insurance executives to replace Brian Thompson, the slain CEO of its UnitedHealthcare arm.

Tim Noel has been announced as the next leader of UnitedHealthcare, the company revealed on Thursday. Noel previously held a leadership position in UnitedHealthcare’s Medicare and retirement division, having joined the company in 2007.

As the largest insurer in the nation, UnitedHealthcare provides coverage for over 49 million individuals, making it a key player in the healthcare industry. Additionally, the company is a major provider of Medicare Advantage plans, offering coverage to 7.8 million people through privately operated versions of the government’s Medicare program, primarily targeting individuals aged 65 and above.

The parent company, UnitedHealth Group, also runs an Optum segment that has one of the nation’s largest pharmacy benefit managers and provides care.

Thompson, 50, was fatally shot on Dec. 4 outside a New York City hotel as he walked to UnitedHealth Group’s annual investor meeting.

READ MORE | Court proceedings for man charged in UnitedHealthcare CEO’s killing delayed several weeks

A 26-year-old suspect, Luigi Mangione, faces federal and state charges in connection with Thompson’s death.

Following the announcement, shares of UnitedHealth Care Inc., headquartered in Minnetonka, Minnesota, experienced a nearly 2% increase, equating to a $10 rise on Thursday, reaching $529.66, in tandem with a slight uptick in broader trading indexes.