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Updated: 11/06/2013 08:00:01AM

Insurer WellCare’s board fires CEO Alec Cunningham

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David Gallitano


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WellCare Health Plans shares tanked Friday after the insurer’s board surprised Wall Street by firing CEO Alec Cunningham and replacing him temporarily with its recently appointed chairman, David J. Gallitano, while it searches for a permanent successor.

Gallitano told analysts during a conference call that WellCare aims to grow over the next several years, and it wants an executive with a track record for leading bigger companies.

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