RADNOR, PA — Vālenz Health has appointed healthcare and insurance industry executive Vince Cole as chief executive officer, a leadership change that positions the self-funded health plan administrator for its next phase of growth following a period of expansion through acquisitions and organic development.
Cole succeeds Rob Gelb, who will transition to non-executive chairman of the company’s board of directors after leading Valenz for more than seven years. The company said the appointment follows a planned succession process.
The leadership transition comes as employers and health-plan sponsors continue to seek ways to control medical costs while improving transparency and care quality in self-funded health plans, a market in which Valenz provides administrative and technology-enabled services.
Cole brings more than 30 years of experience across healthcare services, insurance and business transformation. Most recently, he served as chief executive officer of Ontellus, a medical and legal records retrieval company. He previously held leadership roles at Charles Taylor and Crawford & Company, as well as executive positions at Activa Medical, Aggio Medical, Genworth Financial and General Electric.
“Valenz is entering an exciting new phase of growth from a position of strength and confidence in the vision,” Hank Mannix, an investment partner at Kelso & Company, Valenz’s private-equity sponsor, said in a statement. He cited Cole’s experience driving growth and managing large-scale operations.
Cole said he intends to build on the company’s existing platform and partnerships.
“The company has built a strong foundation, and I look forward to working with the team to expand impact, strengthen partnerships, and continue delivering on its mission,” he said.
Under Gelb’s leadership, Valenz expanded through a combination of organic growth and acquisitions, completing eight transactions during his tenure, according to the company.
Valenz provides technology and administrative services designed to help employers, insurers and members manage healthcare costs and quality through self-funded health plans.
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