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WellPoint sets pay for Colby's successor

June 11, 2007
 As WellPoint Inc.'s newly appointed chief financial officer, Wayne S. DeVeydt will receive a $600,000 salary as well as stock awards and a potential bonus that could be worth up to $2.2 million.

WellPoint disclosed DeVeydt's new pay in a securities filing Monday afternoon, nearly two weeks after DeVeydt replaced David C. Colby. Colby was forced to resign for breaking the company's code of conduct. DeVeydt, 37, will continue his role as WellPoint's chief accounting officer.

DeVeydt's bonus could range from nothing to $1.35 million in stock and cash. His stock award, valued at Monday's closing price of $81.31, is worth $135,544.

DeVeydt also received 13,333 stock options. Assuming those options appreciate 5 percent a year for 10 years, they hold a current estimated value of $682,000.

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