Health Net Inc. upgraded its outlook for third-quarter earnings on Monday, and announced that Chief Financial Officer Anthony Piszel is leaving to become CFO of Freddie Mac, the nation’s second largest home mortgage company.

The Woodland Hills-based health insurer said third-quarter earnings, scheduled to be reported Nov. 3, should be 84 cents a share, excluding certain items, up from its previous outlook of 82 cents to 83 cents a share. Analysts on average had expected the company to earn 83 cents a share.

The company also said its board has voted to resume the company’s stock repurchase program, increasing it by $235 million from the current $450 million authorization. Health Net suspended its buyback program in September 2004 after its debt ratings were downgraded to junk status.

On Nov. 13, Piszel, 51, will join Freddie Mac, whose previous CFO resigned in March in connection with a multibillion-dollar accounting scandal. Health Net has appointed James Woys, president of its government and specialty services unit, to serve as acting CFO until a successor is found.

Merrill Lynch analyst Douglas Simpson said Piszel’s departure at this time suggests that the company might not be as close to be acquired as some in the industry have speculated. “It would be unusual (based on our experience) to see a CFO depart if a deal was considered very likely in the near-term, given the need for financial integration expertise post-deal,” Simpson said in a note to investors. Health Net’s shares fell 2 percent to $44.14 in early afternoon trading.