David Colby resigned as executive vice president and chief financial officer of WellPoint at the request of Larry Glasscock, chairman, president and chief executive officer; incoming president and CEO Angela Braly; and the board of directors, according to a company news release.
Wayne DeVeydt was named as Colbys successor at the nations largest commercial insurer, effective immediately. Officials said an investigation by external legal counsel had concluded that Colby violated the companys code of conduct although the investigation did not reveal illegal conduct or any policy violations related to WellPoints business.
Given the non-business nature of the violations, the company will make no further comment on the circumstances resulting in the resignation, officials said in a news release. The action arrived as Glasscock prepared to pass the baton to Braly on Friday.
DeVeydt has served as WellPoints senior vice president and chief accounting officer since March 2005, and assumed responsibility for investor relations and became Glasscocks chief of staff in 2006. Before joining WellPoint, he worked with PricewaterhouseCoopers in a variety of roles since 1996. With the announcement, WellPoint confirmed the accuracy of its financial statements and practices and its forward-looking guidance. -- by Cinda Becker