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Oscar Health Insurance Provider Hires New Legal Chief After IPO

Jan. 18, 2022, 6:39 PM

Oscar Health Inc., a health insurance and technology company that went public last year, has recruited Ranmali Bopitiya to be its new chief legal officer.

New York-based Oscar announced last week that Bopitiya will be a member of its senior leadership team beginning Jan. 31. She will report to CEO Mario Schlosser, who co-founded the consumer-focused health insurer that bet big on Obamacare.

“Having spent close to two decades in health care, Ranmali brings a depth of experience that will support our work at Oscar as we continue to grow and innovate,” said Schlosser in a statement.

Oscar, started in 2012, was also co-founded by Joshua Kushner, managing partner of venture capital firm Thrive Capital Management LLC and the brother of Jared Kushner, a son-in-law and former senior adviser to former President Donald Trump.

Bopitiya will be responsible for leading Oscar’s legal, regulatory, compliance, and risk functions, according to a Dec. 17 securities filing by the company. That filing also disclosed that Oscar’s chief policy and strategy officer Joel Klein would transition to a new role as a senior adviser to Schlosser.

Klein, hired by Oscar in 2016, was once the lead federal prosecutor in the Justice Department’s landmark antitrust case against Microsoft Corp. In 2002, he was named chancellor of New York City’s public school system.

Klein will continue to draw an annual salary of $100,000 from Oscar and a company subsidiary, according to an amended and restated employment agreement that became effective Jan. 1.

Oscar disclosed in a securities filing related to its initial public offering last year that Klein received nearly $1.1 million in total compensation during fiscal 2020. Klein sold off almost $3 million in Oscar stock after its public market debut, per securities filings. Bloomberg data shows that he owns $125,000 in Oscar stock.

Klein remains in his senior advisory role, according to Jackie Kahn, an Oscar spokeswoman. Bopitiya was hired to succeed the company’s former general counsel Harold “Hank” Greenberg, who built out a 30-person legal, regulatory, and government affairs team at the company after joining Oscar in 2016.

Greenberg left late last year to become general counsel for Vault Health Inc., a privately held telehealth company that makes testing kits for Covid-19.

Bopitiya, Oscar’s new top lawyer, had since mid-2019 been the top legal, compliance, and risk executive at Everside Health Group Inc. The Denver-based primary care provider, formerly known as Paladina Health, filed a registration statement last year announcing its plans to pursue a $100 million initial public offering.

Everside didn’t list Bopitiya among its top three highest-paid executives in its IPO prospectus. Prior to joining Everside she spent more than a half-dozen years as general counsel for the Colorado Permanente Medical Group and lead counsel for the University HealthCare Alliance at Stanford University.

Goodwin Procter is advising Everside on going public. The law firm also represented underwriters last year on an IPO by Oscar that raised $1.4 billion. Latham & Watkins was lead counsel to Oscar on its stock float, which generated $5 million in legal fees and expenses, according to securities filings.

Bruce Gottlieb, another former general counsel at Oscar who served as special counsel to the company and its CEO, Schlosser, during the IPO process, also left last year. Gottlieb has become the new top lawyer at privately held telemedicine outfit ZocDoc Inc., where he replaced general counsel Erica Davila, who in September was hired to run the legal group at health care company Transcarent Inc.

To contact the reporter on this story: Brian Baxter in New York at bbaxter@bloomberglaw.com

To contact the editors responsible for this story: Chris Opfer at copfer@bloomberglaw.com; John Hughes at jhughes@bloombergindustry.com