03/28/2008 02:44 am ET Updated May 25, 2011

Mistresses Of Wellpoint CFO Ousted For "Personnel Matter" Speak Out

David C. Colby was Wall Street's favorite managed care money man.

He helped build WellPoint Inc., which runs Blue Cross of California, into the nation's second-largest health insurance company. Portfolio managers and brokerage analysts voted him the industry's best financial officer four years in a row. The water-cooler talk was that he was a natural to move into the chief executive suite.

He was 53, pulling down more than $740,000 a year and had just received stock options then valued at $1.6 million, along with the new title of vice chairman, when WellPoint asked him to resign.

Colby, the company said in a statement, had committed unspecified violations of its code of conduct. An investigation uncovered nothing illegal and the alleged infringement was unrelated to WellPoint business, the company said. But Colby was out nonetheless and WellPoint would have nothing more to say.

Women who said they dated him during his 10 years at WellPoint and accompanied him on business trips across the U.S. and Europe haven't been so reticent.

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