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New CFO to Guide WellPoint Growth

After reporting stellar results, the CFO bows out.
Kate PlourdSeptember 13, 2007

After an astonishing earnings report, Canadian software and services provider WellPoint Systems Inc. has announced it will bring in a new finance chief to oversee its overflowing books.

The Calgary-based company with operations in Texas, New Jersey, Florida and Tunisia, hired Stephen Massel to take over for current CFO Bruce Petrie. Petrie will still work for the company on a contract basis.

Massel was formerly CFO of Avotus Corporation, a computer service and software company. He has also held senior financial positions at public and private companies, including LaCoste & Romberg-Scintrex Inc., Battery Technologies Inc., and Lorus Therapeutics Inc.

The new hire will have a lot more finances to oversee than his predecessor, as the company reported notable second quarter increases in revenue and profits from last year. Revenues rose from $3.7 million (Canadian dollars) in the second quarter of 2006 to $9.5 this year. Profits increased an outstanding 156 percent from $34,119 to $916,362.

The company’s chief executive officer, Frank Stanford, said in a statement: “We believe his significant experience with both the energy and software sectors, as well as the capital markets will play an important role in the ongoing execution of our growth strategy.”

WellPoint also announced it would grant stock options to certain officers and employees of WellPoint and its subsidiaries. The company will offer up to 640,000 shares at 44 cents per share.