Dale Wolf has resigned as president and chief executive officer of Coventry Health Care, effective Jan. 30.
Executive Chairman Allen Wise will take over as CEO at the managed-care company. Wise, 66, was CEO from 1996 to 2004, when Wolf, 55, was promoted to the job from chief financial officer.
No reason was given for Wolfs departure. Like many of its competitors, Coventry struggled in the last part of 2008 with falling profits.
For nearly 10 years, Dale and I have worked side by side, and I have great respect for his knowledge of the business, work ethic and leadership, Wise said in a news release announcing Wolfs resignation.
Wolf earned about $20 million in total compensation for 2007, according to Modern Healthcares annual study of healthcare CEO pay.
The Bethesda, Md.-based company said previous financial guidance remains unchanged. Coventry will release 2008 earnings on Feb. 10. Coventry has 4.6 million members in commercial and government-sponsored health plans.