It's debatable if the fiduciary standard is 'higher' than suitability. But the better question might be, who's holding the bar?
Aug. 17--Among the tidbits recently sprinkled during the trial of former Gov. Bob McDonnell and his wife, Maureen: His sister, also named Maureen, earned $528,762 from the Virginia Beach-based health care company Amerigroup Corp. in 2012.
But "the other" Maureen McDonnell no longer is on Amerigroup's payroll. Her job as vice president for external communications ended last month.
WellPoint Inc., based in Indianapolis, purchased Amerigroup for $4.9 billion in 2012. That pumped up the compensation for some execs, but it also led to some job cuts. Cindy Wakefield, staff vice president for corporate communications at WellPoint, said last week that she has assumed McDonnell's duties.
"It's a normal procedure so we don't have any redundancies," Wakefield said.
The move, she said, had nothing to do with the trial of McDonnell's brother and sister-in-law in Richmond. McDonnell declined to comment last week. A former executive with Regent University and IBM Corp., McDonnell joined Amerigroup in 2010, according to a news release at the time.
Despite the departures of some employees and managers, Amerigroup's local workforce has grown to more than 2,700 from about 2,300 in 2012, Wakefield said. About 790 employees work in the Norfolk building that formerly housed the regional headquarters of the USAA insurance company.
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