Blue Cross and Blue Shield of Nebraska names new CEO

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OMAHA, Neb. (AP) -- Blue Cross and Blue Shield of Nebraska has chosen one of its own executives to be its next chief executive.

The insurer says Steven Grandfield will replace Steve Martin as president and CEO in March. Martin is retiring after leading the company for 16 years.

Grandfield currently oversees strategic planning, innovation, sales and marketing at Blue Cross.

The insurer's board chairman, George Beattie, says Grandfield understands the complex business well.

Blue Cross's board worked to find Martin's successor over the past year and considered internal and external candidates.