Capital One CFO to leave in March 2021
R. Scott Blackley leaving for health insurance startup
McLean-based Capital One Financial Corp. Chief Financial Officer R. Scott Blackley will step down in March 2021 to hold the same position with New York City-based health insurance startup Oscar Health Insurance Corp., the company announced last week. Capital One is the largest bank in Virginia, according to 2019 deposits.
Senior vice president and business line CFO Andrew Young will become Capital One’s next CFO, effective March 1, 2021.
Blackley has served as Capital One’s CFO since May 2016 and had previously served as the company’s principal accounting officer and controller for five years. Before Capital One, he worked for Fannie Mae, the U.S. Securities and Exchange Commission and KPMG LLP. In his new role, he will report directly to Oscar CEO Mario Schlosser.
“Scott’s experience in strategy, operations and financial services are an ideal fit for Oscar as we continue to grow our membership and achieve greater operating efficiency,” Schlosser said in a statement. “Scott brings a principled approach and outstanding leadership qualities that will make him an invaluable member of the Oscar team.”
Blackley succeeds Sid Sankaran, who is leaving Oscar Health Insurance in spring 2021 to become chairman and CEO of global reinsurance company SiriusPoint. Blackley will serve as Oscar’s vice chairman and join its board on June 30, 2021.
Founded in 2012, Oscar serves more than 420,000 customers, offering individual and family, small group and Medicare Advantage programs.
“It’s an exciting and important time to join Oscar,” Blackley said in a statement. “By combining the power of a technology company with the reach of a health insurance company, Oscar is transforming the industry to be more consumer-centric at a time when America needs affordable care more than ever.”