UnitedHealth Group will promote one of its top insurance executives to replace Brian Thompson, the slain CEO of its UnitedHealthcare arm.

The company said Thursday that Tim Noel will become the next UnitedHealthcare leader. Noel most recently led UnitedHealthcare’s Medicare and retirement business. He joined the company in 2007.

UnitedHealthcare is the nation’s largest insurer, covering more than 49 million people. It also is the biggest provider of Medicare Advantage plans. It covers 7.8 million people with privately run versions of the government’s Medicare program mostly for people age 65 and over.

The parent company, UnitedHealth Group, also runs an Optum segment that has one of the nation’s largest pharmacy benefit managers and provides care.

Thompson, 50, was fatally shot on Dec. 4 outside a New York City hotel as he walked to UnitedHealth Group’s annual investor meeting.

READ MORE | Court proceedings for man charged in UnitedHealthcare CEO’s killing delayed several weeks

A 26-year-old suspect, Luigi Mangione, faces federal and state charges in connection with Thompson’s death.

Shares of Minnetonka, Minnesota-based UnitedHealth Care Inc. climbed nearly 2%, or $10, on Thursday to $529.66 while broader trading indexes rose slightly.