Disgraced executive departed with $118M

[Omaha Steve]

http://www.indystar.com/apps/pbcs.dll/article?AID=/20080405/BUSINESS/804050413

By Daniel Lee

Former WellPoint Chief Financial Officer David Colby didn't receive even a penny of severance pay when he resigned in disgrace last May.

But Colby, whose entangled personal life led to his corporate downfall at WellPoint, still left the Indianapolis-based health insurance giant with wealth totaling roughly $118 million.

The biggest part of that money, $101.9 million, was from gains Colby received from cashing in more than 2 million stock options in 2007, according to WellPoint's annual proxy statement, which was released Friday. He also gained $1.4 million from WellPoint stock that vested last year.

According to the proxy, as of January 31, he still held 300,167 WellPoint shares -- stock worth about $13.9 million based on WellPoint's closing stock price of $46.20 a share.

Colby received $1.1 million in total compensation for his work in the first five months of 2007, according to the proxy. That pay included $315,852 in salary and $618,011 in pension and deferred compensation. He also received $116,692 for unused time off.

Highly regarded by Wall Street, Colby resigned last May for what the company called violations of its code of conduct. He has since faced lawsuits and accusations of womanizing stemming from his personal life.

FULL story and photo at link.