BETHESDA, Md.--(Business Wire)--Coventry Health Care, Inc. (NYSE:CVH) today announced the resignation of Dale
Wolf as president and CEO of the company, effective Friday, Jan. 30, 2009.
Dale Wolf joined the company in 1996 as its chief financial officer and succeeded Allen Wise as the company's CEO on Jan. 1, 2005. Upon his resignation, Dale Wolf said, "I am proud of what a talented group of people have accomplished over the past 13 years of my association with the company, and I am confident that the fundamentals which are in place today will carry the company forward to continued success."
With Dale Wolf's departure, the company's Board of Directors appointed Chairman of the Board Allen Wise to the position of chief executive officer, effective as of Friday, Jan. 30, 2009. Allen Wise was the company's president and CEO from 1996 through 2004 and served as its non-executive chairman from 2004 until Dec. 10, 2008, when he was named executive chairman. Since becoming executive chairman last month, he has devoted a significant amount of time conducting a thorough examination and evaluation of the company's operations. As part of that process, Allen Wise was involved with management regarding the development of the company's financial guidance for 2009, which was issued on Jan. 14, 2009. The company's financial guidance for 2009 remains unchanged and it reaffirms
guidance for the fourth quarter earnings of 2008.
"For nearly ten years, Dale and I have worked side by side, and I have great respect for his knowledge of the business, work ethic and leadership," said Allen Wise. "The Board and I wish Dale the very best in his future endeavors."