WellPoint CFO Resigns After Conduct Investigation

WellPoint Chief Financial Officer David C. Colby has been asked to resign, effective immediately, after an investigation concluded he violated the company’s code of conduct. The board of directors appointed Wayne S. DeVeydt as executive vice president and chief financial officer. The resignation came after Larry C. Glasscock, Wellpoint’s chairman, president and chief executive officer, and incoming president and CEO Angela F. Braly, along with the board of directors, asked Colby to resign. According to company officials, the conduct investigation was performed by external legal counsel but didn’t reveal illegal conduct, and policy violations weren’t related to business at WellPoint. Company officials wouldn’t comment further about the violation, saying it didn’t relate to WellPoint business. “Our company is committed to adhering to the highest standard of conduct,” Glasscock said. “This resignation is in no way related to the company’s performance or financial condition, both of which remain strong.” DeVeydt has served as WellPoint’s senior vice president and chief accounting officer since March 2005.