(Adds background, new CEO salary)
Oct 10 (Reuters) - Insurer Molina Healthcare Inc on Tuesday named Joseph Zubretsky as president and chief executive, effective Nov. 6, amidst a restructuring drive at the company.
Zubretsky replaces CFO Joseph White who was serving as the interim chief executive after the company in May fired Chief Executive Dr. J. Mario Molina and Chief Financial Officer John Molina, sons of the small health insurer's founder.
Zubretsky, 60, most recently served as president and chief executive officer for Hanover Insurance Group Inc and has previously served at the helm of a group of healthcare services and information technology companies under health insurer Aetna Inc.
White's brief tenure at the helm saw Molina embark on a restructuring drive, announce an exit from Obamacare markets in Utah and Wisconsin and a plan to lay off about 1,500 employees, or about 7 percent of its total workforce, by the end of the year.
Zubretsky's annual base salary will be $1.3 million, according to the company.
Shares of the company had risen 11.6 percent since the Molina brothers were fired in May. (Reporting by Tamara Mathias in Bengaluru; Editing by Shounak Dasgupta)