Business
Former Coventry CEO now executive board chair
NEWS IN BRIEF — Posted Dec. 22, 2008
Allen Wise, former chief executive officer of Bethesda, Md.-based Coventry Health Care, has been appointed to a new executive position after nearly four years of serving as chair of the company's board of directors.
The company announced Dec. 5 that Wise had been named executive chair of the board and would advise the company's management team. Dale Wolf remains CEO of Coventry.
Wise was CEO of Coventry from 1996 until his retirement in 2004. According to the company's most recent disclosures to the Securities and Exchange Commission, Mr. Wise was paid a combined $1.2 million in cash, stock options and benefits in 2007 for his service as Coventry's board chair.
Coventry's stock price has declined nearly two-thirds since mid-September, during which time the company issued what Wolf himself termed an "unacceptable" earnings report. Wise's addition of "executive" to his title gives him more say in day-to-day company business that he previously had as chair.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2008/12/22/bibf1222.htm.