WellPoint chairman Glasscock to retire; Braly to take post

Larry C. Glasscock will retire as chairman of the board of directors of health insurer WellPoint Inc., effective March 1. Glasscock, 61, has served as chairman since 2005. He was president and CEO of WellPoint, and predecessor Indianapolis-based Anthem Inc., from 1999 to 2007. In 2004, Anthem merged with California-based WellPoint, keeping the merged company’s headquarters in Indianapolis. Glasscock will be replaced by WellPoint president and CEO Angela F. Braly, the company said in a news release. “At this point, my work here is accomplished and there is one individual most capable of leading WellPoint into the future: Angela Braly,” Glasscock said in the release. From 2005 to 2007, she served as an executive vice president, overseeing Medicare claims processing, federal employees’ health benefits administration, public policy development, government relations, legal affairs, marketing and social responsibility initiatives. [Read the full article]

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Health insurer WellPoint Inc. said Wednesday that CEO Angela Braly will replace Chairman Larry Glasscock after he retires from the board effective March 1.

Glasscock has guided the company through a period of rapid growth as it become the largest health insurer based on medical enrollment, with 33.7 million members. A statement from the Indianapolis company said Glasscock’s retirement was not caused by a disagreement with the company.

Braly, 48, has served as president and CEO since June 2007. She was a WellPoint executive vice president when she was named to replace Glasscock as president and CEO.

Her appointment surprised some analysts at the time because she wasn’t familiar to many on Wall Street.

Yet Braly led WellPoint through a recession that has hurt enrollment in employer-sponsored health coverage and a Congressional health care overhaul debate that has knocked the price of health insurance stocks up and down for months. [Read the full article]

LOS ANGELES–(BUSINESS WIRE)–Children Institute, Inc., which provides comprehensive health and social services to Los Angeles-area children who have been traumatized by violence, received $14.3 million in capital to help finance the nonprofit construction and renovation of a new center.

UnitedHealth Group (NYSE:UNH – News) purchased Children Institute tax-exempt revenue bonds through the California Health Care Investment Program, which gives California health care entities access to capital at rates that are highly competitive with those of conventional financing.

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UnitedHealth Group California Health Care Investment Program is a 20-year, $200 million commitment to health care organizations that provide services to underserved, low-income and underinsured communities and populations throughout the Golden State. [Read the full article]

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