Tampa health insurance tech company Benefytt Technologies has picked a new leader.
Todd Baxter has been named CEO of Benefytt, a health insurance marketplace and distributor of Medicare-related plans. The Carrollwood company was acquired by private equity firm Madison Dearborn Partners in 2020 in a deal worth $625 million.
Baxter replaces interim CEO Domenick DiCicco, who will remain the company’s general counsel after filling in for former CEO Gavin Southwell. Baxter is the former executive vice president and chief services officer of the background screening company HireRight.
“I am grateful for this opportunity to lead Benefytt and join in the company’s mission to support and improve the health insurance enrollment experience for countless Americans,” Baxter said in a statement. “I have been incredibly impressed with Benefytt’s dedication to delivering innovative and highly-personalized healthcare insurance solutions, and I look forward to introducing my insights and expertise for the benefit of our teams, industry partners and customers.”
Founded in 2008 and formerly known as Health Insurance Innovations, Benefytt was once one of Tampa Bay’s fastest-growing public companies, with revenues of $381.8 million in 2019. It’s also had legal challenges, facing multiple state investigations and state and federal lawsuits into its sales and marketing practices, which complaints said involved selling “virtually worthless” plans. As The New Republic highlighted last year, Benefytt is the parent of TogetherHealth, which runs Medicare insurance ads featuring stars like Joe Namath, William Shatner and Jimmie Walker.
“We are pleased to welcome Todd to Benefytt and believe that he brings valuable perspective and operational expertise, which will allow the company to succeed in the evolving Medicare market,” Benefytt board member Vahe Dombalagian said in a statement. “As Benefytt strengthens its leadership position in the health insurance technology market, we look forward to working closely with Todd, Domenick and the entire leadership team to support Benefytt’s continued transformation and progress in its next chapter.”