WellPoint CFO asked to resign
Patient Financial Services Weekly Advisor, June 8, 2007
David C. Colby, chief financial officer of WellPoint, Inc., the operator of a large network of Blue Cross and Blue Shield plans, was asked to vacate his position after the company accused him of unspecified misconduct, the Los Angeles Times reports.
Colby resigned last week, days after concerns were raised about his personal conduct, the article states.
The two top executives of WellPoint, along with its board of directors, asked an outside law firm to investigate the concerns upon learning of them.
The company demanded that Colby resigned after it concluded that he violated the company's code of conduct.
The allegations came only two months after Colby was promoted to vice chairman. WellPoint claims Colby's misdeeds were not related to the company's business, nor were they illegal.
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