Coventry Health Care Inc. / CVH

About Coventry Health Care Inc.

6705 Rockledge Dr., Suite 900, Bethesda, Md. 20817
www.cvty.com | 301-581-0600 | Founded: 1986

Industry: Health Care | Category: Top 100 Companies

Last year was one of transition for Coventry as it got a new chief executive and tried to integrate a major acquisition. The company's chief executive of eight years, Allen F. Wise, stepped down at the end of December 2004, although he stayed on as chairman of the board. Dale B. Wolf, who had been the firm's chief financial officer, was tapped to take over as chief executive under a long-planned succession. Under Wise's tenure, Coventry had gone from a network of fewer than a million members to one with 2.5 million members through a combination of growth and frequent acquisitions. Revenue, meanwhile, jumped from $1 billion to $5.3 billion.
The company continued its rapid expansion in 2005. For the year, revenue was up 24.5 percent and earnings per share rose 25 percent over 2004. Part of that growth came as a result of its $1.8 billion acquisition of First Health Group Corp., a national managed-health-care company that will help Coventry expand its Medicare and Medicaid businesses. That deal closed in January 2005. Coventry eliminated hundreds of jobs because of the deal.
In August, the company gave shareholders a dividend in the form a 3-for-2 stock split — with every investor getting an additional share for every two held.

CEO: Dale B. Wolf

CEO: Dale B. Wolf

2007 Financial Data

Total employees: 10,112 | Local employees: 243