WellPoint has appointed Richard D. Slack as the Company's president and chief executive officer, succeeding Frank Stanford who will continue serving as an advisor to the board and to WellPoint's management team. Stanford has led WellPoint through a period of exceptional growth through acquisitions and has recommended that the Board appoint Slack, the former president and CEO of Bolo Systems, Inc., to lead the company through the next phase of growth with strong attention to operations.
"Rick was the clear choice because of his strong execution skills, his proven ability to lead top performing teams and his track record of driving revenue growth and profitability in the software business, and we look forward to working closely with his entire team," said Charles V. Selby, non-executive chairman of WellPoint Systems. "On behalf of the board I would like to thank Frank Stanford for his many years of service to the Company and his substantial contribution to WellPoint's growth."
Slack has served as the Company's chief operating officer, responsible for managing day-to-day operations, since May 2008. During this period Slack appointed a new management team that is focused on returning WellPoint to profitability. As part of this focus, the Company was recently reorganized to leverage cost savings across all business units.
Prior to becoming COO, he was president and chief executive officer of Bolo Systems, Inc. where he drove strong improvements in revenue and profitability, with revenue growing at a compound annual rate of 86% over a three year period. Over his 28-year career, Slack has served in a variety of software-related roles ranging from product design and testing, product management, technical sales, marketing, and operations management. He has worked for a number of software companies within the oil and gas industry including Halliburton / Landmark Graphics, GeoGraphix, and CogniSeis Development.
Our near-term focus as a team will be on positioning WellPoint to generate profitable growth," said Slack. "We intend to grow the Company by leveraging our strong team of people who are dedicated to developing and delivering high quality products to an expanding customer base. I, too, would like to thank Frank Stanford for his dedication to WellPoint, and particularly for his mentorship over the past several months."
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