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Three WellPoint Directors Step Down Citing Personal Reasons

Monday, 13 May 2013 07:33 PM

Three of WellPoint Inc.'s 11 board members have resigned, citing personal reasons for their decision to depart about six weeks after a new chief executive officer took over at the second-largest U.S. health insurer.

Lenox Baker, Sheila Burke and Susan Bayh stepped down from the board effective immediately, Indianapolis-based WellPoint said Monday in a regulatory filing. "Each of the directors resigned for personal reasons and there were no disagreements or disputes between the company and any of the named directors which led to their resignation," WellPoint said in the filing.

WellPoint ousted Angela Braly as chief executive officer last August amid shareholder complaints about declining enrollment and the insurer’s disappointing stock performance. Joseph R. Swedish, a former hospital administrator, was hired to replace her and began March 25. The insurer last month reported first-quarter earnings that topped analysts’ estimates and today affirmed its annual profit forecast of at least $7.75 a share including investment losses of 5 cents a share.

Baker, a retired cardiac surgeon; Burke, a lecturer at the Kennedy School of Government at Harvard University in Cambridge, Massachusetts, and Georgetown University in Washington; and Bayh, a lawyer and wife of former Democratic U.S. Senator Evan Bayh of Indiana, had served on the board since December 2004, according to data compiled by Bloomberg.

WellPoint "has benefited from their knowledge, leadership and many contributions," the company said in a statement. "Health care is transforming and that transformation is accelerating rapidly. It is incumbent on the board to bring in new perspectives to help navigate these changes."

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Three of WellPoint Inc.'s 11 board members have resigned, citing personal reasons for their decision to depart about six weeks after a new chief executive officer took over at the second-largest U.S. health insurer.
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Monday, 13 May 2013 07:33 PM
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