Health Net (HNT) said Marv Rich retired as executive vice president for operations.

Rich, 60 years old, joined Health Net in January 2002. Rich won't be replaced and his responsibilities will be absorbed by other executives, the Los Angeles-based health insurer said.

"Marv's contributions to Health Net will never be forgotten," said CEO Jay Gellert. "He initiated a companywide systems consolidation effort that substantially reduced the number of systems in use and produced approximately $40 million in annualized savings. He also streamlined operations that helped Health Net achieve industry-leading administrative efficiencies."

On Wednesday, Health Net shares rose 75 cents to $39.60.