UnitedHealth Exec Embraces Change

OKLAHOMA CITY -- Lois Quam's decision to leave UnitedHealth (UNH) for a new career at Piper Jaffray (PJC) doesn't seem to make much sense -- except, perhaps, to Quam herself.

Over the past 18 years, Quam has played a critical role in transforming UnitedHealth into a heavyweight managed care company that ranks as the largest Medicare player in the country. Thus, when Quam decided to resign as president of UnitedHealth's huge government division last month, investors immediately asked, "Why?"

By then, however, Quam had already started asking, "Why not?"

In the end, Quam saw a unique opportunity to repeat -- and even expand upon -- the success she had already achieved. As a new managing director at Piper Jaffray, Quam will seek improvements in not only health care but the environment as well.

"This will give me the opportunity to work on what I see as two of the most pressing social challenges we face today," Quam explains. "To be able to do that -- and still be based in Minnesota -- makes me absolutely delighted."

By now, Quam has already forged big changes in the health care arena. She has built a Medicare empire at UnitedHealth, winning over millions of seniors with promises of quality health care coverage. Still, she senses that she could have accomplished even more.

"There is such an opportunity for UnitedHealth in the Medicare space," Quam says. "I could have continued to be engaged in very important and exciting things here for the rest of my career. But I felt motivated to work in a new area in addition to health care."