Health insurer WellCare Health Plans Inc. said Monday that Charles Berg, who became executive chairman of the company's board in January 2008, will become non-executive chairman on Jan. 1.
WellCare said Berg's employment agreement ends Dec. 31. The company created the executive chairman position for Berg as part of a shake-up that followed the announcement of a federal probe into the company. Executives including Chairman, President and CEO Todd Farha were replaced in January 2008, two months after the federal government launched an investigation of WellCare. The company has agreed to pay more than $200 million in damages to settle allegations it defrauded Florida's Medicaid programs. Farha wasn't charged.
The company said WellCare has changed its corporate culture and governance during Berg's tenure, and dealt with its legal, accounting and regulatory issues.
WellCare stock rose 21 cents to $27.97 on Monday.