Maximus promotes Caswell to CEO, Montoni retiring

Maximus said Tuesday it has promoted President Bruce Caswell to become CEO of the Reston, Va.-based government services contractor in a move to take effect April 1.

Caswell will succeed the retiring Richard Montoni, who has led the health and human services provider as chief executive since 2006. Montoni will transition into a senior advisory role and stand for re-election at Maximus' annual shareholder meeting on March 14.

Pending his re-election, Montoni will become vice chairman of the board of directors.

During Montoni's tenure, Maximus' revenue climbed from $600 million to around $2.4 billion in its most recent fiscal year ended Sept. 30, 2017. He led Maximus through several divestitures in a pivot toward greater focus on government health and human services programs.

That shift included Maximus' $300 million acquisition of Acentia nearly three years ago to add more IT work and health-related contracts with civilian agencies.

Caswell has been Maximus' second-highest executive since October 2014 and also leads the company's health segment, its largest book of business at $1.4 billion in the most recent fiscal year. The company says health segment revenue has tripled over his 10 years of leadership.

The health segment covers administrative services, program management and operational support for programs such as Medicare, Medicaid, the Children's Health Insurance Program, as well as public health programs in Canada and the U.K.