WellPoint (WLP) CFO Resigns, Company Names Wayne S. DeVeydt as Replacement
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WellPoint, Inc. (NYSE: WLP) announced that chairman, president and CEO, Larry C. Glasscock, and incoming president and CEO, Angela F. Braly, together with its Board of Directors, asked for and received the resignation of David C. Colby, WellPoint's chief financial officer. Concurrently, the Board has appointed Wayne S. DeVeydt as executive vice president and chief financial officer. All changes are effective immediately.
Based on an investigation performed by external legal counsel, it was concluded that David Colby violated the company's code of conduct. However, the investigation did not reveal illegal conduct and the policy violations were in no way related to the business of WellPoint. Given the non-business nature of the violations, the company will make no further comment on the circumstances resulting in the resignation.
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