WellPoint CFO Leaves
David Colby, WellPoint Inc.'s chief financial officer, has been released from the company for having violated the health insurer's code of conduct. However, Colby's policy violations were not related to the company's business and were not illegal. Because of the "non-business nature" of the actions, WellPoint did not provide any additional information. Joe Francis, a Bank of America analyst, said of Colby's departure: "The market will be upset initially about Mr. Colby's departure, because he is such a fixture in the industry, but we expect it will soon forget all this."
Wayne DeVeydt, who has acted as WellPoint's senior vice president and chief accounting officer since March 2005, will take Colby's position. Recently Chief Executive Larry Glasscock left the company; he cited family reasons.
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