WellCare Health Plans, Tampa, Fla., announced a shakeup in executive leadership Friday, the same day the insurer reported its third-quarter financial results.
WellCare's board appointed David Gallitano, president of private investment and advisory firm Tucker Advisors since 2002 and WellCare's chairman since May, as interim CEO. Gallitano, 65, replaces Alec Cunningham, 46, in the executive role as a national search for a new CEO begins.
“As the company continues to expand and grow, the board felt that it was necessary to identify a new experienced leader to help write the next chapter for WellCare,” Gallitano said in a news release.
The provider of managed-care services for government-sponsored healthcare programs raised its earnings guidance for the final quarter of 2013 as it reported strong revenue growth in the period just ended. That growth, driven by increased Medicaid and Medicare Advantage membership helped by several recent acquisitions, propelled a 67% increase in net income over what was reported a year ago. WellCare's net income for the third quarter of 2013 was $64 million, compared with $38.3 million for the third quarter of 2012.
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