Details are emerging about the May resignation of WellPoint CFO David Colby. Colby was forced to resign after his 10 year stint by WellPoint Chairman, President, Secretary of the Exchequer, CEO, and Grand Poobah Larry Glasscock for violating the company’s code of conduct.

The Colbinator was a pretty big deal in the managed care sector, named the best managed care CFO in America in 2006 for the third year in a row by an Institutional Investor survey of portfolio managers and equity research analysts. He was pulling down $740k a year and just had another $1.6mm of options lumped on his equity plan (and he got quite a nice sum from the $200mm executive bonus pool up for grabs after the WellPoint/Anthem deal).

WellPoint won't comment on Colby’s specific conduct violations, but let's just say Colby's lifestyle was a bit "alternative." The life of David Colby included jetting around, housing, and proposing to a number of women during his tenure as CFO. If you ever wondered how it’s possible to cheat on a mistress, look no further than David Colby.

Up until last week, Colby was engaged to two women, and not yet divorced from his second wife. Aside from the two fiances and second wife, Colby was housing another women, Rita DiCarlo, in his 7,500 sq. ft. Lake Sherwood house. Rita had been shacking up in the ColbyDome for almost 2 years while driving around Colby’s 1998 Jag with C(heart)LBY vanity plates (that’s not a joke). She’s now suing Colby for the house.

Colby wasn’t shy when it came to sweeping 20-something WellPoint employees off their feet, from the Los Angeles Times:

Sarah Waugh said she met Colby in 1998 when she was a 22-year-old temporary worker at WellPoint's offices in Thousand Oaks, where she later landed a permanent job. Their romantic liaison began at a company party at the Westin Bonaventure in downtown Los Angeles in early 2001, she said, where she felt "like quite a big deal" because Colby danced with her.

Wife #1 divorced Colby after finding out about 2 extramarital affairs. Wife #2 won’t comment as to why she wants to take herself private.

Although WellPoint doesn’t hate the player, it hates the game, which included jetting the women around on business trips (although WellPoint comments that company money was not used for Colby's business travel companions).

Wayne DeVeydt took over for Colby as CFO and Angela Braly took over as CEO for Glasscock in some unrelated managerial shuffling on June 1. Glasscock retains the rest of his WellPoint positions.

Women claim lives with WellPoint exec [Los Angeles Times]
WellPoint CFO David Colby Ousted On Conduct Violation; Wayne DeVeydt Named New CFO [ RTT News]