WellPoint, Indianapolis, announced several executive changes along with third-quarter financial results.
Tom Snead, president and chief executive officer of WellPoint's Southeast region, and Ron Ponder, executive vice president and chief information officer, are leaving the company -- Snead during the first quarter of 2006 and Ponder at the end of this year. Mark Boxer, who oversees consumer-driven plans among other business lines, will be promoted to executive vice president of technology and operations and chief information officer to replace Ponder. Boxer will retain some of his current duties. Once WellPoint has completed its acquisition of WellChoice, expected in 2006, WellChoice President Michael Stocker will lead a new East region including Connecticut, Georgia, Maine, New Hampshire, New Jersey, New York and Virginia. Stocker originally was slated to lead a Northeast region that included only the operations of WellChoice, which is the parent of Empire Blue Cross and Blue Shield, New York.
WellPoint said it earned $640.7 million, or $1.02 per share, in the third quarter ended Sept. 30, up 15% on a pro forma basis from the year-ago quarter. Revenue rose 4.1% to $11.15 billion. In the third quarter of 2004, the former WellPoint Health Networks and Anthem had net income of $557.2 million on revenue of $10.71 billion. The companies merged last November to form WellPoint. In the nine months, WellPoint had profits of $1.81 billion, or $2.90 per share, a 7.1% increase from the combined pre-merger companies. Revenue increased 7.3% to $33.7 billion.