Blue Cross & Blue Shield of R.I.’s Marrone helps others write their own success stories

SEARCH ENGINE: Michael Marrone, Blue Cross & Blue Shield of Rhode Island’s executive vice president and chief financial officer, champions the company’s involvement with Project SEARCH, which supports young people with developmental and intellectual disabilities to address their employment needs. More than 50 Project SEARCH participants have interned at Blue Cross. 
PBN PHOTO/RUPERT WHITELEY
SEARCH ENGINE: Michael Marrone, Blue Cross & Blue Shield of Rhode Island’s executive vice president and chief financial officer, champions the company’s involvement with Project SEARCH, which supports young people with developmental and intellectual disabilities to address their employment needs. More than 50 Project SEARCH participants have interned at Blue Cross. 
PBN PHOTO/RUPERT WHITELEY

PBN C-Suite 2024 Awards
ENTERPRISE PRIVATE COMPANY: Michael Marrone
Blue Cross & Blue Shield of Rhode Island | Executive vice president and chief financial officer


MICHAEL MARRONE UNDERSTANDS firsthand needing to have that desire and encouragement to rise through the ranks within a prominent company.

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Once he was named chief financial officer at Providence-based Blue Cross & Blue Shield of Rhode Island in 2023, Marrone then offered several individuals on his team opportunities to expand their roles through various company initiatives.

“Mike is focused not only on financial results but also on the ‘how’ of successfully achieving those results,” Blue Cross Managing Director of Corporate Communications Melanie Coon said.

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Calling his team’s growth and success his greatest accomplishment, Marrone, now Blue Cross’ executive vice president and CFO, is passionate about employee engagement, a component of Blue Cross’ commitment to belonging, inclusion and employee development. Last year, he held several focus groups to learn what mattered most to employees and then address their concerns. One outcome was establishing robust backup coverage for people when they go on vacation.

“People had opportunities to get to know each other outside of their job responsibilities,” Marrone said, “and we are better able to connect our roles to the company’s mission and vision.”

Elaine Alderdice, Blue Cross’ chief of cost management and sourcing operations, described him as a genuinely caring and empathetic leader.

“Under his management [of the employee engagement focus groups], we not only saw an increase in our engagement scores year over year but we also set a new standard for involving our team in building a supportive and inclusive culture,” she said.

Marrone established the financial performance committee to provide an organized, cross-functional and collaborative approach to drive affordability, which is largely a function of cost efficiencies and quality of care. Marrone also developed an operational performance committee to ensure that Blue Cross processes are efficient, yet another important element of affordability.

Marrone consistently demonstrates fiscal responsibility around how Blue Cross spends members’ dollars, Alderdice said.

“Mike [understands] that the better we support one another, the more we can focus on our members,” she said. “Breaking down process barriers and finding ways to invest in the community through philanthropy and volunteerism are always top of mind for him.”

Along with serving as Blue Cross’ Disability Inclusion Network’s executive sponsor, Marrone champions the company’s involvement with Project SEARCH, a national organization partnering with Cranston’s public schools. Since 2015, Blue Cross has supported the organization, which supports young people with developmental and intellectual disabilities to address their educational, vocational, training and employment needs. More than 50 Project SEARCH participants have interned at Blue Cross.

Marrone, who has mentored many of those participants, takes great pride in seeing them succeed through the program and get a start in their professional careers. He said at a recent Project SEARCH graduation ceremony that in working with the students, “we have learned alternative ways to think about challenges and problem-solving, the value of patience, humility, humor and so much more.”

A strong advocate for his team, Marrone, Alderdice said, encourages employees to attend leadership development training, participate in speaking opportunities and become involved in groups inside and outside of the company. She appreciates that Marrone lets her take a leadership role on various projects.

“He has inspired me to take a creative approach, grow in areas outside of my core finance [responsibilities] and has supported many of my ideas,” she said.

As for juggling data-driven fiscal management obligations, nurturing and promoting employee engagement, fulfilling myriad nonprofit commitments and family responsibilities, Marrone still understands his main priorities in life.

“My family always comes first,” he said. “Regarding my day-to-day work, I try to allow myself grace and acknowledge that not everything is going to get done as quickly as I’d like. I have a really strong team that supports me.”

As for the future, Marrone is remaining focused on Blue Cross’ finance division’s key goals and objectives, while recognizing the industry’s dynamic nature.

“We are here to support the company’s vision to improve health and well-being by leading access to high-quality, affordable and equitable care,” Marrone said.

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