January 26, 2009 / 10:10 PM / 10 years ago

CORRECTED - CORRECTED-UPDATE 1-Coventry CEO quits; chairman to take over

(Corrects chairman’s name in paragraph 4)

Jan 26 (Reuters) - Health insurer Coventry Health Care Inc CVH.N said its Chief Executive Dale Wolf resigned and Chairman Allen Wise was named as his replacement.

Last week, shares and call options on the health insurer rose on chatter that UnitedHealth Group Inc (UNH.N) could be readying for a bid.

Coventry, which did not provide a reason for Wolf’s departure, reaffirmed its outlook for the fourth quarter and 2009. [ID:nWNAB3724]

Wolf’s resignation is effective Jan. 30. In 2005, Wolf succeeded Allen Wise, who was the chief executive from 1996 through 2004.

Shares of Coventry closed at $14.17 Monday on New York Stock Exchange. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Anil D’Silva)

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