WellCare Health Plans Inc. announced Thursday that Tony Hildreth will be its new state president for North Carolina.

Hildreth will oversee Wellcare’s Medicaid offerings in the state. The North Carolina Department of Health and Human Services recently selected WellCare as one of four health plans to serve North Carolina’s 1.6 million Medicaid beneficiaries with a statewide contract.

The new contracts, set to begin when the state’s new managed-care program launches in November, are three-year contracts worth $6 billion a year. WellCare and the other companies selected will have the option to extend their commitment for an additional two years at the end of their contract.

Hildreth has held multiple positions with WellCare, including one as vice president of business development strategy, since joining the company in 2004.

WellCare’s Medicaid executive vice president Kelly Munson said that Hildreth’s “institutional knowledge and deep-rooted partnerships with key leaders and teams across our company, coupled with his carefully crafted and developed North Carolina state relationships, position him for success in his new role as state president.”

WellCare Health Plans Inc. offers services through government-sponsored programs including Medicaid, Medicare Perscription Drug Plans, Medicare Advantage, and through the Health Insurance Marketplace. As of Sept. 30, 2018, WellCare was serving 5.5 million members nationwide.

WellCare stock was $275.39 in afternoon trading, down 0.93 percent from previous close at $277.98.

The release can be found here.