U.S. News

WellPoint Financial Chief Ousted Due to Conduct


WellPoint said Thursday it asked Chief Financial Officer David Colby to resign after an investigation by an external legal counsel showed he had violated the company's code of conduct.

Colby will be replaced by Wayne DeVeydt, the company's senior vice president and chief accounting officer.

The changes are effective immediately, the company said.

According to Wellpoint, its investigation did not reveal any illegal conduct or policy violations that were related to the business of WellPoint. Therefore, the company said it won't make any further comment on the circumstances resulting in the resignation.

"Our company is committed to adhering to the highest standards of conduct," said Chief Executive Larry Glasscock, in a statement. "This resignation is in no way related to the company's performance or financial condition, both of which remain strong."

The company confirmed the accuracy of its financial statements and practices as well as its financial forecasts.

WellPoint shares declined Thursday.