WellPoint's former CEO Angela Braly, who resigned amid strong shareholder scrutiny last August, received a 55 percent raise to earn a total of $20.6 million in 2012.
In a surprise move, WellPoint announced Tuesday it has named Joseph Swedish, a former hospital official who has never managed a public company, as its new chief executive officer.
WellPoint's interim chief executive is making some major changes to the second largest health insurer by reorganizing the company into four business units.
Since WellPoint's CEO Angela Braly announced her resignation, the industry has been abuzz talking about who will become the newest chief executive of the second largest insurer in the country.
Of the six largest for-profit insurers, WellPoint came in last place as hospital executives gave it low marks for rejected claims and wrongly-denied bills, according to a survey of more than 400 hospital execs.
Despite public support for the chairman and CEO last month from the board, WellPoint's chief exec Angela Braly is coming under fire for management of the second largest insurer.
WellPoint's second quarter net income fell 8 percent--the fifth straight quarter that the insurer's earnings dropped from the previous year's quarter, frustrating investors.
WellPoint with become one of the nation's largest Medicaid administrators, buying managed care insurer Amerigroup for roughly $4.9 billion to almost double its Medicaid business.
WellPoint shareholders shot down a proposal calling for more disclosure of its political contributions during an annual meeting Wednesday, fraught with protests and interruptions.
WellPoint's first-quarter profit fell almost 8 percent amid dropping enrollment and rising expenses. The insurer reported a net income of $856.5 million, or $2.53 per share, a 7.6 percent decrease