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Patrick Semansky / AP

Patrick Conway is leaving his post as the most senior career official at the Centers for Medicare and Medicaid Services to be the CEO of Blue Cross Blue Shield of North Carolina on Oct. 1, the health insurer said Tuesday. He will replace Brad Wilson, who is retiring.

Conway has a high profile at the agency — he's the director of the Center for Medicare and Medicaid Innovation, which was set up to run the Affordable Care Act's experiments that changed how doctors and hospitals are paid. He has been at CMS since 2011, right before the Obama administration started implementing the ACA's changes to Medicare, Medicaid and the individual marketplaces.

Why it matters: Conway is likely to bring his goals of altering health care payments and care delivery to North Carolina's dominant insurer, which previously had threatened to leave the ACA's exchanges and sued the Obama administration over ACA funding. Blue Cross Blue Shield of North Carolina recently has fared well financially.

Go deeper

Dan Primack, author of Pro Rata
46 mins ago - Economy & Business

The Leon Black clock strikes midnight

Illustration: Sarah Grillo/Axios

Leon Black is "retiring" as CEO of Apollo Global Management, the alternative investment giant he has led since co-founding it in 1990. But he is not making a full break, as Black will remain chair of Apollo's board of directors.

Why it matters: This is the culmination of 18 months of head-in-the-sand obfuscation of Black's dealings with Jeffrey Epstein.

Reddit traders look to pummel Wall Street's old guard

Illustration: Sarah Grillo/Axios

Reddit traders are taking on Wall Street pros at their own game with this basic mantra: Stocks will always go up.

Why it matters: Their trades — egged on in Reddit threads — have played a role in historic market activity in recent days.

The week the Trump show ended

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Donald Trump was eclipsed in media attention last week by President Biden for the first time since Trump took office, according to viewership data on the internet, on social media and on cable news.

Why it matters: After Trump crowded out nearly every other news figure and topic for five years, momentum of the new administration took hold last week and the former president retreated, partly by choice and partly by being forced off the big platforms.