WellCare Health Plans announced a shakeup in executive leadership as the company reported its third-quarter financial results. WellCare's board removed CEO Alec Cunningham, 46, and appointed David Gallitano, the board's chairman, to take his place during a search for a successor. Gallitano, 65, president of private investment and advisory firm Tucker Advisors, said it was “necessary to identify a new experienced leader to help write the next chapter for WellCare.” Tampa, Fla.-based WellCare, which has about 2.8 million members in its Medicare and Medicaid managed-care plans, reported a 67% increase in net income for the period that ended Sept. 30 compared with 2012, earning $64 million on $2.5 billion in premium revenue.
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