WellPoint CFO Fired For "Personnel Matter" Reported To Be Affair
The ouster of WellPoint Inc.'s Chief Financial Officer David Colby last month was a "personnel matter" unrelated to the health insurer's performance or financial condition, a WellPoint spokeswoman said Tuesday.
"We did an investigation performed by external legal counsel," spokeswoman Shannon Troughton said. "Just days after we learned of the concerns, and as soon as the external investigation was completed, it was concluded that David Colby had violated the company's code of conduct."
Earlier, the Wall Street Journal reported that Colby's ouster followed revelations of tangled personal relationships. Colby was conducting an affair with at least one former employee from WellPoint Health Networks, the predecessor company to WellPoint (Charts, Fortune 500), the Journal reported in its online edition Tuesday.
CNN Money | June 12, 2007 02:00 PM