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Humana Inc. CEO Mike McCallister announced that he plans to retire within 18 months and the company has tapped Bruce D. Broussard as president of the Louisville-based firm.

The company said in a statement on Friday that Broussard would become CEO when McCallister steps down.

Broussard, 49, was CEO of McKesson Specialty Health, a subsidiary of McKesson Inc., a San Francisco-based health care company. McCallister, 59, is entering his 12th year as CEO and 38th year working for Humana.

In a statement, McCallister said the move has been under consideration for some time. McCallister also praised Broussard's experience and said he's Confident he will prove to be a leader that continues and enhances the success we've had over the past decade."

Shares of Humana fell $1.36 to $85.26 in midday trading.

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