Capital One Financial Corp.’s
finance chief is leaving the bank to take over the finance department at Oscar Health Insurance Corp., an insurance startup.
McLean, Va.-based Capital One, which also offers credit cards, auto loans and savings accounts, on Thursday said Chief Financial Officer R. Scott Blackley resigned, effective March 1. He will take up his new post as the CFO of Oscar on March 16, the insurance provider said.
Mr. Blackley joined Capital One in 2011 and served as controller and principal accounting officer before taking the CFO position in 2016.
He will be succeeded by Andrew Young, a company veteran who serves as Capital One’s senior vice president and CFO of the company’s business segments. Mr. Young, who joined the company in 1996, will become CFO on March 1.
Mr. Young will continue to report to Mr. Blackley over the next three months while the company completes its year-end financial reporting processes and to ensure a smooth transition, a spokesman for Capital One said.
In his new role, Mr. Young is expected to help boost the company’s profitability, which has lagged behind amid the pandemic, said Warren Kornfeld, an analyst at Moody’s Investors Service, the ratings firm.
Capital One reported a profit of $148 million for the first nine months of the year, compared with $4.36 billion in the prior-year period, according to a filing. Revenue, at $7.38 billion, was up 6% during the quarter ended Sept. 30 compared with the prior year’s quarter.
At Oscar, Mr. Blackley is set to succeed Sid Sankaran, who is leaving the company on March 15 to become chairman and chief executive of SiriusPoint Ltd., a global reinsurance company. Mr. Blackley will be responsible for corporate strategy, risk management, financial planning and analysis, among other things, a spokeswoman for Oscar said.
New York-based Oscar, which was co-founded in 2012 by Joshua Kushner, the brother of White House senior adviser Jared Kushner, to date has raised $1.4 billion in funding.
Oscar, which provides health insurance for more than 420,000 members, has yet to turn an annual profit. It first reported a quarterly profit in 2018. The spokeswoman declined to comment on whether or not the company plans to list on the public markets.
—Colin Kellaher contributed to this article.
Write to Mark Maurer at [email protected]
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