Wayne DeVeydt is leaving Anthem Inc. after nine years as chief financial officer, the Indianapolis-based health insurance company announced Wednesday morning.
Longtime Anthem exec John Gallina, the CFO of Anthem’s Commercial and Specialty Business Division, is set to succeed DeVeydt on June 1.
DeVeydt, 46, joined Anthem in March 2005 as senior vice president and chief accounting officer, and became CFO in 2007.
Anthem said DeVeydt made the decision “due to family commitments and philanthropic work.”
During his tenure, DeVeydt helped Anthem navigate through the recession, make the transition into Obamacare and negotiate its planned $54 billion acquisition of rival Cigna Corp.
“Throughout his tenure at Anthem, Wayne DeVeydt has committed his considerable talents to serve our company,” Anthem CEO Joseph Swedish said in written comments. “Wayne has been a valued member of our executive team and has played an important role during a period of dynamic change in our industry.”
Anthem is expected to complete its acquisition with Cigna later this year, creating the country’s largest health insurance company.
“Wayne informed me earlier this year that he was considering stepping down at some point in 2016 in order to spend more time with his family and to focus on charitable causes which have become increasingly important to him,” Swedish said. “Given the progress we have made with regard to the regulatory review of our Cigna acquisition and the work underway to identify the new leadership team for the combined company, Wayne felt that it would be best to step down from his role at this point.”
DeVeydt has been one of the Indianapolis-area’s highest-paid executives. He made almost $5 million in total compensation in 2014 and almost $8 million in 2013.
He was named CFO of the Year in 2011 by IBJ.
“While the decision to step down from my role was not easy, it is the right thing for my family and me at this time,” DeVeydt said. “I am pleased that John has been appointed as my successor and he will be a great asset in this new role.”
Gallina has been with Anthem or one of its affiliated companies in numerous executive positions since 1994 following a 12-year stint with Coopers & Lybrand.
“ John has been an instrumental member of our organization for many years,” Swedish said. “I have worked closely with John and I am confident that he has the expertise and readiness to take on this important responsibility as [CFO] for our company.”
Anthem also announced that it continues to expect earnings for full year to be greater than $9.65 per share. Adjusted earnings are still expected to be greater than $10.80 per share, it said.
Shares in Anthem fell 3 percent Wednesday, to $137.16 each.