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The board has formed a committeer on leadership and executive succession to focux onleadership transitions. Schiessefr was named chief executive officerin January, earning a minimuj base salary of $400,000. He succeeded Todd Farha, who left the companhy last year. Before this appointment, Schiesser was senior vice president of marketinb and sales at the company and presidenty of its prescriptioninsurance subsidiary. In he stepped back to work as a Prior tojoining WellCare, he worked with consultinf firm and co-founded an online pharmacy for ESRX). Schiesser is still eligible to runfor re-electionm as a director at WellCare’s annual stockholded meeting on July 30.
In May, WellCare resolved investigatione bythe U.S. Attorney’s Office for the Middle Districtof Florida, the Floridq Attorney General’s Office and the . In addition, abougt 360 employees — about 9 percent of its work force — as part of an organizationaol realignment last month and hasof $36.9 or 89 cents a for the first quarter of 2009. WellCare (NYSE: WCG) providea managed care services exclusivelyfor government-sponsorec health care programs. It serveed about 2.5 million members nationallhy as ofMarch 31.
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