Magellan Health, Inc. announced that Barry M. Smith, chairman and chief executive officer of Magellan Health, has decided to retire. Mr. Smith will continue to serve as chief executive officer and as a member of the Board of Directors to ensure a smooth and orderly transition. The Board has engaged a search firm to begin a comprehensive search for a new CEO.

Mr. Smith was elected to the Board in 2011 and was named chief executive officer in January 2013 and executive chairman in January 2014. He previously served as a director from 2004 to 2008. Steven J. Shulman, who currently serves on the Board as a director, has been elected Chairman of the Board.

Mr. Shulman served as chairman and chief executive officer of Magellan Health from 2002 to 2008. He rejoined the Board as a director in March of this year.