LAKE FOREST, Ill. – The board of directors of Trustmark Mutual Holding Company has elected Joseph L. Pray as Chief Executive Officer and a Director of the company, effective January 1, 2012. Pray, Trustmark President and Chief Operating Officer since 2010, will remain President. As CEO, he succeeds David M. McDonough, who previously announced his intention to retire at the end of 2011, after nine years with the company. McDonough will remain a member of Trustmark’s board of directors.
“Joe Pray is the right person to carry forward and build on the work started by Dave McDonough,” said Trustmark Chairman J. Grover Thomas Jr. “Joe has drawn from broad experience in all aspects of the employee benefit industry to lead effectively from an operations perspective. At the same time, he is always looking forward. His strategic vision and passion to foster a culture of innovation and trust are balanced by thoughtful business discipline. As he transitions into the CEO role, Trustmark is approaching the close of its first one hundred years with business operations on a strong upswing. And, under Joe’s leadership, the company will look forward to even greater opportunities as it enters its second century in 2013.”
McDonough joined Trustmark as President and Chief Operating Officer in 2002 and became CEO in 2005. “I speak for every member of our board when I extend our deepest thanks to Dave McDonough,” said Thomas. “When Dave joined the company we were working to rebuild Trustmark’s long-standing financial strength and focus on core competencies. Dave had the difficult challenge of leading a transformation away from reliance on traditional fully insured medical insurance toward lower-risk products with greater long-term growth potential. He touched all aspects of the business, from governance practices to product development – making each of them stronger and setting the company on course to be among the national leaders in voluntary benefits, TPA services, small-group benefits, and wellness and population health management. Dave leaves a great and lasting legacy at Trustmark.”
During McDonough’s tenure, Trustmark’s capital and surplus more than doubled, securing the company’s financial strength. In addition, Trustmark sold its interest in managed care network Private Healthcare Systems, Inc. and its healthcare fraud investigation unit, The Sentinel Group. Over the same span, McDonough led the acquisition and successful integration of regional third-party benefit administrator NGS American; health call center Health Contact Partners; NCQA-accredited wellness and health promotion pioneer Health Fitness Corp.; and condition management company Focused Health Solutions. As a result of the strategic shift gaining traction, in 2010 Trustmark reversed a seven-year decline in revenue. The company is forecasting 2011 revenue of more than $960 million, an increase of 20 percent since 2009.
Pray, 55, became Senior Vice President of Trustmark’s voluntary benefits division in 2007, leading that business to record sales prior to his promotion to President and Chief Operating Officer. Since 2010, he has overseen consecutive years of increasing profits in CoreSource, Trustmark’s TPA subsidiary, and revenue growth and strong operating performance in each of Trustmark’s other core businesses. In addition, he has initiated a technology investment strategy to further differentiate Trustmark from its competitors and support future growth. Prior to joining Trustmark in 2002, Pray was President and Chief Operating Officer of Greater Georgia Life Insurance Company, a subsidiary of Cerulean Companies/Blue Cross Blue Shield of Georgia.
About The Trustmark Companies
Through its subsidiaries and operating divisions, Trustmark provides access to a full spectrum of employee benefits, including benefits administration, payroll-deducted voluntary products, group medical benefits, and integrated population health, lifestyle and fitness management solutions. Trustmark builds and maintains trust through personal, responsive service and flexible product offerings that meet the unique needs of each customer. Trustmark subsidiaries and operating divisions include CoreSource, HealthFitness, Starmark, Trustmark Employer Medical and Trustmark Voluntary Benefit Solutions. For more information, visit www.trustmarkcompanies.com or www.hfit.com.