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The appointment comes as the health services unit, which was rebranded last September to Evernorth, has shown resilient growth in the last few quarters.
Palmer, who has been with Cigna for 23 years and most recently served as the chief operating office of Evernorth, will start in his new role from January.
Tim Wentworth, the current CEO of Evernorth, will retire by end of this year, the company said.
The health insurer also announced several other leadership changes to help accelerate growth across its business portfolio.
Health insurers are facing several challenges due to the COVID-19 pandemic, including direct costs related to testing, treatment and vaccinations as well as higher disenrollment in employer-sponsored plans from its economic impact.
Evernorth comprises the pharmacy benefits management business Cigna acquired through the 2018 buyout of Express Scripts (NASDAQ:ESRX), as well as its specialty pharmacy business Accredo.
Pharmacy benefit managers (PBMs) serve as intermediaries between drug manufacturers, health insurance plans and pharmacies to negotiate prescription drug prices.
