Summary
This Form 8-K filing from Anthem, Inc. (now Elevance Health) announces a key leadership change in its finance department. Effective June 1, 2016, John Gallina was appointed Executive Vice President and Chief Financial Officer, succeeding Wayne S. DeVeydt. Mr. DeVeydt stepped down for personal reasons, with no reported disagreements with the company. Mr. Gallina brings extensive experience within Anthem, having held various senior financial roles since 1994, most recently as SVP and CFO of the Commercial and Specialty Business Division. The filing also includes a reaffirmation of the company's full-year 2016 net income guidance. Anthem expects net income to be greater than $9.65 per share, including greater than $1.15 per share of unfavorable items. Adjusted net income guidance is projected to be greater than $10.80 per share, with no additional net adjustments beyond those reported in Q1 2016.
Key Highlights
- 1Appointment of John Gallina as Executive Vice President and Chief Financial Officer, effective June 1, 2016.
- 2Wayne S. DeVeydt steps down as CFO after a decade of service due to family and philanthropic commitments.
- 3Mr. DeVeydt's departure is stated as not being due to any disagreement with the company.
- 4Mr. Gallina, with extensive experience at Anthem since 1994, was previously SVP and CFO of the Commercial and Specialty Business Division.
- 5John Gallina's new compensation package includes a base salary of $750,000, targeted annual bonus of 100% of base salary, and a promotional stock grant valued at approximately $1,000,000.
- 6Anthem reaffirmed its full-year 2016 net income guidance of greater than $9.65 per share (or greater than $10.80 per share on an adjusted basis).
- 7The guidance reaffirmation indicates no new unfavorable net items beyond those previously reported in Q1 2016.