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WellCare's Top 3 Executives Resign

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By JERRY STOCKFISCH

The Tampa Tribune

Published: January 25, 2008

WellCare Health Plans' top three executives have resigned, three months after the company's Tampa headquarters was raided by federal agents.

The company said late today that the following top executives resigned: Todd Farha, the company's chairman, chief executive officer and president; Paul Behrens, chief financial officer; and Thaddeus Bereday, general counsel. Exit packages for the executives were not disclosed.

Charles G. Berg, a senior adviser to the Welsh, Carson, Anderson & Stowe private equity firm, was named to the new position of executive chairman.

Heath Schiesser, a WellCare senior advisor, was named president and CEO.

WellCare is under federal investigation for what analysts think are overcharges in its Florida operations. The U.S. Attorney's office has not revealed the target of its investigation, and WellCare has stated it has not been made privy to what the government is seeking.

WellCare shares plunged from $122.27 to $22.04 in the week after the raid.
Today shares closed at $43.12, up 87 cents.

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