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INDIANAPOLIS--WellPoint Inc. Chief Financial Officer David Colby has been forced to resign immediately due to an unspecified violation of the company's code of conduct.
The Indianapolis-based managed care company declined to provide details on the nature of the violation, but said an investigation did not uncover illegal conduct and the violation was unrelated to the company's business.
"Our company is committed to adhering to the highest standards of conduct," WellPoint Chief Executive Officer Larry Glasscock said in a statement. "This resignation is in no way related to the company's performance or financial condition, both of which remain strong."
Mr. Colby's resignation was requested by Mr. Glasscock and incoming president and CEO Angela Braly as well as by the company's board of directors.
"The company confirms the accuracy of our financial statements and practices, and our forward-looking guidance relative to the financial and operational performance of the company," Ms. Braly said in a statement. "WellPoint has a strong management team and exceptionally capable leaders running our businesses. Our growth strategy has us well-positioned for the future, and we will quickly work through this transition with a clear focus on our business priorities."
Mr. Colby will be replaced by Wayne DeVeydt, who has served as WellPoint's senior vp and chief accounting officer since March 2005. He became chief of staff to Mr. Glasscock in 2006 in addition to assuming responsibility for investor relations.
A WellPoint spokesman said the investigation began when concerns were raised in recent days, declining to specify what those concerns were because the violation was of a nonbusiness nature.
The investigation was conducted by external legal counsel, the spokesman said.