Healthcare Business News

Tran stepping down from CFO post at WellCare Health Plans

By Virgil Dickson
Posted: February 21, 2014 - 6:15 pm ET

WellCare Health Plans CFO Tom Tran is stepping down this year, marking another change in the top leadership ranks four months after the board fired CEO Alec Cunningham.

Tran, the Medicaid and Medicare managed-care company's CFO since 2008, is expected to assist in a national search for his successor and leave when a replacement has been named or Nov. 30, whichever comes first, .

WellCare Health Plans serves approximately 3.3 million members nationwide.

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Interim CEO Dave Gallitano, who took the helm last November, said in a statement that he and Tran agreed it was time for Tran to move on.

The company is also searching for a permanent CEO and expects to name a successor during the second or third quarter of 2014.

Last week, shares of the company dropped 10% after the company announced its earnings forecast for 2014 would be lower than expected because of costs related to the Patient Protection and Affordable Care Act.

The plunge came despite premium revenue for the fourth quarter of 2013 rising 23% to $2.4 billion. However, net income for the fourth quarter of 2013 was $42.9 million, compared with $48.8 million the same time in 2012.

Follow Virgil Dickson on Twitter: @MHvdickson

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