updated 5/31/2007 1:01:17 PM ET 2007-05-31T17:01:17

WellPoint Inc. said Thursday that David C. Colby has been forced out as chief financial officer after violating the insurance company's code of conduct.

WellPoint declined to say what the violation was.

The news comes a day before Executive Vice President Angela Braly takes over as CEO from Larry Glasscock, who will remain as chairman. Company executives said during a conference call with analysts that Colby's resignation had nothing to do with the transition.

Braly didn't elaborate on the reasons for Colby's departure other than to say the violation he committed was of a "non-business nature."

Glasscock did say the investigation found no illegal conduct, and Colby's actions "in no way related to the company's performance or financial condition, both of which remain strong."

During the conference call, an analyst asked whether Colby was offered a second chance, since no law was broken. Glasscock said the chief financial officer was treated like any employee.

Glasscock declined to comment on whether the violation was a repeat offense.

Wayne S. DeVeydt, chief accounting officer since March 2005, was named chief financial officer.

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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