Q3 2012 Earnings Call Transcript

Transcript Call Date 11/07/2012

Operator: Ladies and gentlemen, thank you for stranding by. Welcome to the WellPoint third quarter Conference Call. At this time, all participants are in a listen-only mode. Later, there will be question-and-answer session instructions will be given at that time. As a reminder, this conference is being recorded.

I would now like to turn the conference over to the Company's management. Please go ahead.

Doug Simpson - VP, IR: Good morning, everyone and welcome to WellPoint's third quarter 2012 earnings conference. This is Doug Simpson, Vice President of Investor Relations. Presenting this morning are John Cannon, Interim President and CEO and Wayne DeVeydt, Executive Vice President and CFO. Also available for Q&A, is Ken Goulet, President and CEO of our Commercial and Individual Businesses.

John will start this morning with an update on the CEO search process and pending Amerigroup transaction, discuss interim priorities and action and provide some perspective on our investment plans. Wayne will then review the quarterly financial highlights and our updated outlook. Q&A will follow Wayne's remarks.

Just to walk through the disclaimers quickly, during this call, we will reference certain non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable measures are available on our website at We will also be making some forward-looking statements on this call. Listeners are cautioned that these statements are subject to certain risks and uncertainties many of which are difficult to predict and generally beyond the control of WellPoint.

These risks and uncertainties can cause actual results to differ materially from our current expectations. We advise listeners to review the risk factors discussed in today's press release and in our quarterly and annual filings with the SEC.

Also just a reminder that our current 2012 GAAP EPS outlook does not include any impact from the pending Amerigroup acquisition other than costs primarily related to the pre-financing of the transaction. I will now turn the call over to John.

John Cannon - Interim President and CEO: Thanks, Doug and good morning everyone. First let me start off by saying how honored and privileged I am to serve as Interim President and CEO of this great Company. I'm confident about the future and our ability to better leverage our assets against the opportunities we foresee in areas such as the dual eligibles, coming exchanges and the Medicare market. With better execution and incremental yet disciplined investment I believe we can drive greater shareholder value over the long-term.

As Doug mentioned this morning I'm going to focus my remarks on three areas; the status of the CEO search, I will update you on the pending Amerigroup acquisition and I will discuss the near-term focus areas for our Company. With respect to the CEO search, our Board continues to process of an internal and external search that is being carried out by a search committee. When thinking about criteria I would note there are different combinations of skills and qualities that may be attractive in a CEO. So there is not one specific profile or combination of qualifications being considered.

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