WellPoint Inc. CEO Angela Braly will chair the Indianapolis-based firm’s board of directors following the March 1 retirement of Larry C. Glasscock, who built the company into the nation's largest health insurer.

The company announced Glasscock’s decision to leave the board early Wednesday.

Glasscock, 61, gave up the president and CEO’s position in June 2007, citing undisclosed“family reasons.” He had served as CEO and president since 1999 and chairman since November 2005. Under his leadership, the company grew from $6 billion in revenue to more than $60 billion in revenue.

"Larry has served WellPoint with great distinction through the years, and we are enormously thankful for his contributions to the company, both as chairman and, before that, as CEO,” independent director William H.T. Bush said in a statement issued on behalf of the board.

Braly, 48, was the obvious choice to succeed Glasscock, Bush said, adding that she “personifies WellPoint's core values in every way, and her dynamic leadership style engages and inspires confidence.”

Before ascending to her current position, Braly served two years as an executive vice president. Before that, she was the president and CEO of Blue Cross Blue Shield of Missouri.

In a statement, Glasscock said the time was right for him to retire.

"At this point, my work here is accomplished and there is one individual most capable of leading WellPoint into the future: Angela Braly," he said. "Angela is a leader of outstanding talent, dedication and vision. I wish her, and all the men and women of WellPoint, the best of success."

Glasscock joined WellPoint predecessor Anthem Insurance in 1998. Under his leadership, the company went public in 2001—a move that made possible the merger three years later of Indianapolis-based Anthem and California-based WellPoint Health Networks Inc. The company kept the WellPoint name but made Indianapolis its headquarters.