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Former GSK CEO to head UnitedHealth's Optum

UnitedHealth Group Inc. said former GlaxoSmithKline PLC CEO Andrew Witty will become CEO of Optum as Larry Renfro, who headed the health services business, was tapped to lead UnitedHealth's enterprise growth efforts and Optum's investment initiatives.

The leadership changes are effective July 1. Witty will step down from the UnitedHealth board, effective March 13.

The company said it will launch a $100 million global fund to expand Optum's venture capital arm. Renfro, who is also vice chair of UnitedHealth, will serve as managing partner of Optum Ventures, which is a series of domestic and international funds that invest in emerging and advanced technology, data analytics and healthcare services companies. Together with a domestic venture fund launched in November 2017, Optum Ventures funds have total investment commitments of up to $600 million.