Former WellPoint CFO consulting for Health Net

NEWS IN BRIEF — Posted May 25, 2009

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Once the top financial officer for the country's largest health plan, David Colby has been hired by a smaller health plan trying to mount a comeback.

Colby was asked to resign from his position as chief financial officer from Indianapolis-based Blues conglomerate WellPoint in May of 2007.

Health Net, based outside Los Angeles, has hired Colby to help with its "strategic business review," President and Chief Executive Officer Jay Gellert told investment analysts during the plan's quarterly earnings conference call May 5. Health Net has been seeking a buyer for its Northeast and Arizona membership and is looking to boost its profits.

WellPoint cited unspecified violations of its code of conduct in asking for Colby's resignation but said in a statement at the time that it found no evidence of him doing anything illegal.

Note: This item originally appeared at

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