business

Lois Quam, the face and personality behind UnitedHealth Group Incorporated's strong business relationship with the senior market, is moving to Piper Jaffray & Co. as a senior executive to hunt for new investments in clean technology, including alternative energy sources, and in the health care industry.

The position was created for Quam in part because of her international business experience running UnitedHealth's Ovations division, which had a foreign component as well as a tight relationship with AARP (formerly the American Association of Retired Persons).

Quam's announcement came the same day as the announcement that Executive Vice President Richard Anderson is leaving to become CEO of Delta Air Lines. (See story on A1.) Senior officials at UnitedHealth said the timing is coincidental.

But Quam's move came as a surprise to outside observers, who watched Chief Executive Stephen Hemsley institute a new management structure Dec. 1 after the departure of CEO William McGuire over stock-option issues. Quam was named president of the public and senior markets group.

"This is a major loss," said Sheryl Skolnick, an analyst with CRT Capital Group. Quam was an important link for UnitedHealth's relationship with the AARP and for the important Washington lobbying amid the debate over the future of Medicare, she said.

"This is bad," Skolnick said, referring to both departures.

The Quam and Anderson announcements came after the market closed and did not noticeably affect UnitedHealth's stock price, which closed up 1 cent at $49.56.

In her new position, Quam, 46, will report to Piper CEO Andrew Duff and will oversee domestic as well as global investment offerings in the areas of clean technology and health care. Duff called the two fields "an area of strong opportunity for our company."

Quam she will leave UnitedHealth in mid-September on very good terms.

"Piper Jaffray has offered me a chance to build a business in the two most-pressing issues facing us today and to do it in Minnesota," Quam said in an interview. "It's a new opportunity for me."

Quam is the wife of former state Rep. Matt Entenza, who was House minority leader, and has been a contributor to state DFL and national Democratic candidates for office.

A native of Marshall, Minn., and a graduate of Macalester College, Quam has been with UnitedHealth for more than 15 years. In 1993, she served on the White House task force for health care reform with First Lady Hillary Clinton. For the last three years, Quam has been on Fortune magazine's list of "Most Powerful Women in Business."

Quam is being replaced by executive vice president Andy Welters, who ran UnitedHealth's AmeriChoice line of business for Medicaid products and most recently has been working on building the company's external relationships, including government affairs.

Anderson will be replaced by William Munsell, executive vice president of internal matters.

David Phelps • 612-673-7269

David Phelps • dphelps@startribune.com