Bright Health Group's chief financial officer is resigning amid ongoing turmoil, a move the company said Wednesday did not stem from any conflicts with the board or leadership.

Cathy Smith is leaving to pursue other opportunities, the company said.

Her departure comes as Bloomington-based Bright Health explores the sale of its last remaining health insurance division after a major retreat from selling individual market coverage.

Backed in 2021 by the largest-ever initial public offering of stock for a Minnesota company, Bright Health stumbled badly on core health insurance functions, such as processing claims, while expanding quickly in the market where individuals and families buy health plans.

"Smith will continue in her role through the company's first-quarter 2023 earnings and thereafter will serve in an advisory role to support a smooth transition," Bright Health said in a news release.

"Ms. Smith's decision to resign was not due to any conflicts with the board or management team regarding the company's financial reporting or accounting principles or practices."

Smith has served as CFO since January 2020. Her last day is May 12.

She will be succeeded by Jay Matushak, currently the CFO at Bright Health's insurance division. The company also runs a division for medical clinics that work under "value-based care" contracts with health insurers.

Matushak previously worked at Eagan-based Blue Cross and Blue Shield of Minnesota and Minnetonka-based UnitedHealth Group.

"He is a proven leader, and he will play an important role in our continuing efforts to position Bright Health for long-term success," Mike Mikan, president and CEO of Bright Health, said in a statement.

Bright Health faces a deadline this summer to raise more capital after revealing in March that it had failed to maintain the minimum liquidity required by a financing agreement.

This week, the Florida Office of Insurance Regulation said it has again extended administrative supervision of Bright Health Group's division in that state.