Larry Glasscock, who built WellPoint Inc. into the nation’s largest health insurer, will retire as CEO and president on June 1, the Indianapolis company announced this morning.
Glasscock, 58, will remain as chairman.
He will be replaced as president and CEO by WellPoint executive Angela F. Braly, 45.
Since 2005, she has served as an executive vice president, with responsibility for the nation’s largest Medicare claims processing business, the federal employees’ health benefits business, public policy development, government relations, legal affairs, marketing, and social responsibility initiatives. Previously, she was the president and CEO of Blue Cross Blue Shield of Missouri.
In a written statement, Glasscock said: "For family reasons, it is important for me to retire from the day-to-day leadership of the company at this time." He called Braly "one of my most trusted and valued colleagues."
Glasscock has 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.