Long Beach, CA
A source confirmed earlier today that Mario Molina will keep his board seat at Molina Healthcare. The two brothers, Mario and John Molina will continue to sit together on the board at Molina Healthcare, Long Beach’s largest private employer and fortune 500 company, for at least one more year when John Molina’s board seat is also up for renewal.
Mario and John received a standing ovation at the board meeting today with John Molina stating that he hopes the future of Molina healthcare continues to live off the principles of what the brothers built which is employees first, members second, and shareholders third.
Developments today follow a big shock last week where it was learned both brothers were fired from their long term positions as CEO and CFO respectively after taking over the company years ago after their father C. David Molina, MD passed away. The reason given was poor financial performance towards the end of last year, however, Mario Molina had been very outspoken over the potential change to the Affordable Care Act recently leaving some to wonder if politics played a role in the firing.
Molina Healthcare was created to provide low income communities with affordable healthcare. It was started by with one clinic and grown to the billion dollar company it is today under the leadership of Mario and John Molina.