Indianapolis-based WellPoint, Inc. today announced that chairman, president and CEO, Larry C. Glasscock, and incoming president and CEO, Angela F. Braly, together with its Board of Directors, asked for and received the resignation of David C. Colby, WellPoint’s chief financial officer.
Concurrently, the Board has appointed Wayne S. DeVeydt as executive vice president and chief financial officer. All changes are effective immediately.
Based on an investigation performed by external legal counsel, it was concluded that David Colby violated the company’s code of conduct. However, the investigation did not reveal illegal conduct and the policy violations were in no way related to the business of WellPoint. Given the non-business nature of the violations, the company will make no further comment on the circumstances resulting in the resignation.
“Our company is committed to adhering to the highest standards of conduct,” said Glasscock. “This resignation is in no way related to the company’s performance or financial condition, both of which remain strong.”
DeVeydt has served as WellPoint’s senior vice president and chief accounting officer since March 2005. In addition, DeVeydt assumed responsibility for investor relations and became chief of staff to Larry Glasscock in 2006. Prior to joining WellPoint, DeVeydt served with PricewaterhouseCoopers LLP in many roles since 1996, including most recently as the lead engagement partner for a number of large, national managed care and insurance companies.
Source: Wellpoint, Inc.
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