WellPoint, St. Francis battle over insurer’s IT problems
A year of computer snafus boiled over Oct. 13 when the St. Francis system declared WellPoint Inc. in breach of its contract
because of habitually late payments.
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Filing in legal battle over telecom company hints at criminal probe of officers
Former insiders of One Call Communications appear to be targets of a Justice Department criminal inquiry, according to a filing by the defunct company’s court-appointed receiver. Pittsburgh-based Meridian Group said it was served a subpoena Sept. 19 from the U.S. Attorney for the Western District of Pennsylvania to testify before a grand jury on Oct. 21 on matters involving One Call.
VOICES FROM THE INDUSTRY: There are Six Sigma options; Here’s a look at six of them
While many manufacturing companies are implementing Six Sigma for continuous process improvement, it may not be the most practical solution for every company. Smaller manufacturers can benefit from applying many of the tools found in the Six Sigma methodology, but on a more manageable scale for daily process improvement. While far from a complete list, the following six practical tools may be used by smaller companies who are motivated to continually streamline production and improve productivity: Key performance indicators Most…
IRS requires not-for-profits to disclose more info: Organizations gearing up for new rules in 2009
For the first time in decades, the Internal Revenue Service is making a major revision to the way not-for-profits disclose information about their finances, governance and operations. Coming in the wake of scrutiny from federal lawmakers and regulators alike, the changes to IRS Form 990 that take effect next year require not-for-profit leaders to provide more information on executive compensation and potential conflicts of interest, for example. And for the first time ever, most organizations will be required to file…
Carmel firm to determine Vonnegut’s worth
Many readers would call the Indiana literary legend Kurt Vonnegut’s legacy priceless. Not Mike Pellegrino. His job is to estimate
future sales of Vonnegut’s work so his estate can be fairly divided today. That means Pellegrino will have to determine whether
the author’s popularity is more likely to wax or to wane in the years to come.RETURN ON TECHNOLOGY: Business isn’t losing any sleep over new technology
I’ve been looking over some business polls from 2007 and 2008, and I have to tell you I’m disappointed. As a technology columnist, I’d hoped that companies would be perpetually lathered over all sorts of thorny technical issues that only new purchases could solve and that I could critique. Silly me. But still, I went into the exercise with high hopes. After all, isn’t every aspect of a business permeated by breakable, worrisome technology of all kinds? And doesn’t every…
Conseco retains manager appeal: Amid ongoing struggles, insurer landing top talent
Ten years ago, Dan Bardin was exactly where he wanted to be. He was running insurance operations for behemoth American International Group in Thailand, as Asian financial markets collapsed. “I was there right in the middle of the crisis. And that’s what I like,” Bardin said. Today, Bardin has found his way to another crisis of sorts. He’s the new president of the Conseco Insurance Group. During the year leading up to Bardin’s arrival in December, the subsidiary of Carmel-based…
Endocyte lands $15M credit line
West Lafayette-based drug developer Endocyte Inc. today announced it has secured a $15-million credit line through Alexandria, Va.-based Oxford Finance Corp. and Chicago-based GE Healthcare Financial Services. Endocyte CFO Mike Sherman said the credit line gives his company financial flexibility as it tries to advance a series of patented cancer treatments. Unlike a venture capital […]
Leader program builds following: Center for Leadership Excellence set to welcome third class of execs
Ten times a year, for 24 hours, a select group of executives leaves the comforts of career to embark on an experience meant to mold the participants into better leaders. They gather on Thursday evenings for dinner, bunk overnight at a hotel, and spend the following day listening to the likes of Dennis Perkins, author of “Leading at the Edge: Leadership Lessons from the Extraordinary Saga of Shackleton’s Antarctic Expedition.” Or, they may travel to Saint Meinrad in southern Indiana…
BEHIND THE NEWS: Smooth sailing for Simon, despite economic squall?
Retail pundits are trotting out all the downbeat analogies these days, as they fret that high gas prices and the slumping housing market will crimp consumer spending the rest of the year. As Carl Steidtmann, chief economist at Deloitte Research, put it, “The holiday season will be somewhat Grinch-like.” So it may come as a surprise that some analysts are almost gushing about the prospects for Simon Property Group Inc., the nation’s largest mall owner. As Rich Moore, managing director…
WellPoint adjusts to executive exodus
Fifteen senior executives have left WellPoint Inc. since November 2004, when the giant health insurer formed through Indianapolis-based
Anthem Inc.’s $16.5 billion acquisition of California-based WellPoint Health Networks Inc. The merger made many of them rich,
work at WellPoint was grueling, and personal commitments called. So they moved on.Steak n Shake expects ‘rebuilding year’
Steak n Shake Co. CEO Peter M. Dunn analyzed and measured just about everything at the restaurant chain, from drive-through
times to employee turnover. All that research and testing was welcome when the company was thriving a few years ago. But the
lack of evidence that all the analysis was paying off eroded Wall Street’s confidence in Dunn.UPDATE: CEO exit puts Steak n Shake at crossroads
The abrupt departure of Steak n Shake Co.’s CEO yesterday following eight straight quarters of declining same-store sales might stoke investor speculation that the company will be sold. Shares of locally based Steak n Shake Co. rose slightly this morning on news of the leadership shuffle. The stock was up 11 cents, to $13.57, one […]
Escalade draws new CEO from outside
Disston Tool Co. President Robert J. Keller has been named president of Escalade Inc., the Evansville-based sporting goods manufacturer. Keller replaces Terry Frandsen, Escalade’s CFO, who operated as interim CEO since the sudden death April 9 of CEO Daniel Messmer. Disston, headquartered in Philadelphia, makes saw blades, valve components and other parts. Keller also has […]
VOICES FROM THE INDUSTRY: After 5 years, it’s time to think about changing SOX
Almost five years ago, the Sarbanes-Oxley Act, or SOX, was passed in haste, largely in response to the large-scale securities frauds and market dislocations surrounding Worldcom, Enron and other large accounting scandals involving public firms. It imposed new federalized standards for internal controls, corporate governance, accounting independence and review, whistle-blowing and legal review. It represented the most important change to the federal securities laws since the passage of the Securities Act of 1933 and the Securities and Exchange Act of…
Ex-Marsh exec says ousted president asked him to inflate profit
By now, David Marsh might be regretting he ever decided to take on former employer Marsh Supermarkets Inc. in court. Since
he filed his lawsuit last fall charging the company his grandfather founded had shortchanged him on severance, the company
has stormed back with a blizzard of allegations.Dispute with woman may have had role in Colby ouster
David Colby’s dealings with a California woman who recently sued him may have played a role in his ouster as WellPoint Inc.’s chief financial officer last Thursday. Bloomberg reported late Friday that the woman, Rita DiCarlo of Ventura County, Calif., charged in the lawsuit that Colby failed to follow through on a promise to give […]
ITT’s youthful CEO has large shoes to fill
Kevin Modany, CEO of ITT Educational Services Inc., carries an iPod and downloads drum solo videos from YouTube. But when
Modany, a young-looking 40-year-old, talks about ITT’s 35-percent increase in first-quarter profit, he comes across as savvy
and confident of his ability to take the post-secondary education provider to even greater heights.Bonach named Conseco chief financial officer.
Edward J. Bonach has been tapped to replace Conseco Inc. Chief Financial Officer Eugene M. Bullis, who is retiring after seeing the Carmel insurer through its bankruptcy reorganization. Bonach was executive vice president and CFO of National Life Group, headquartered in Montpelier, Vt. Prior to National Life, Bonach spent 23 years at Allianz Life of […]
ATA parent sees potential in World Air, despite its woes: Impact of deal on Indianapolis headquarters unknown
The biggest acquisition in the 34-year history of ATA Airlines will steer it closer to its charter roots and further from a scheduled-service binge that led to bankruptcy three years ago. Analysts say the $315 million deal to buy Atlanta-based World Air Holdings will broaden the revenue base and bring economies of scale for ATA’s newly renamed parent, Global Aero Logistics. It also hands ATA a cargo business worth $100 million in 2005. The deal should give the Manhattan vulture…