May D. Vang is leaving Blue Cross and Blue Shield of Minnesota as VP of treasury and chief investment officer, Institutional Investor has learned. 

A spokesperson for the insurance organization confirmed that Vang has decided to pursue new opportunities, effective Friday. John Uribe, CFO, will also serve as interim treasurer while the board seeks a permanent replacement. It could not immediately be learned where she is going.

Vang oversaw Blue Cross's treasury and investment functions, including balance sheet strategy, liquidity management, and capital markets activity, while also managing relationships with rating agencies and external investment partners. She first joined Blue Cross in 2010 as assistant treasurer and director of treasury operations before leaving in 2017 to spend the next four years to join American Family Insurance as corporate treasurer and investor relations leader. She rejoined Blue Cross as VP of treasury and CIO in 2021. Vang also held leadership roles in treasury and financial roles at Lawson Software, G&K Services, and Ecolab. 

As CIO and treasurer, Vang unlocked $80 million of previously restricted capital for additional investment. Her team also implemented strategic initiatives that repositioned 80 percent of the portfolio, resulting in a 200-basis point increase in returns along with enhanced cash flows.

Recognized as being among the most influential women in investment management at Institutional Investor’s second annual AlphaEdge Recognition Dinner, Vang told II that while she has “benefited from both informal and formal mentorships” throughout her career, “sponsorship is even more crucial, particularly for women and underrepresented groups.” 

“Unlike mentorship, sponsorship involves a sponsor who actively advocates for your inclusion in significant projects and roles,” she added. “This advocacy ensures that your name is brought up in important discussions behind closed doors, which can have a transformative impact on your career.”