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TAMPA —WellCare Health Plans Inc. announced that its chairman of the board, David Gallitano, has been appointed interim CEO, replacing Alec Cunningham.
“As the company continues to expand and grow, the board felt that it was necessary to identify a new experienced leader to help write the next chapter for WellCare,” Gallitano says. “I am looking forward to working with the management team to continue progress towards WellCare's vision to be the leader in government-sponsored health care programs.”
The company says it is conducting a national search for a new CEO.
The change came out the same day the company reported its third quarter results. As part of the results, the company lowered its estimated range for the full-year profit from $4.70 to $4.90 per share to $4.70 to $4.80 per share. That change was attributed to additional costs from the Florida Managed Medical Assistance Medicaid program and acquisition-integration costs. However, for the quarter, the company grew its profit by 67.1% from 38.3 million (87 cents per diluted share) in 2012 to $64 million ($1.45 per diluted share) for the most recent quarter.
Gallitano was named chairman of WellCare's board May 22 after the resignation of Charles Berg. A WellCare director since 2009, he is president of Tucker Advisors Inc., a private investment and advisory firm. Gallitano served as the chairman and CEO of APW Ltd., a manufacturer of specialized industrial products, from 2003 to 2005, and chairman, CEO and a significant owner of Columbia National Inc., a real estate financing company, from 1993 until 2002.
Gallitano will fill both the chairman and CEO roles until a successor for the CEO role is appointed.
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