Business Services Industry
WellCare Names Thomas F. O'neil III as Senior Vice President, General Counsel and Secretary
Business Wire, March 10, 2008
TAMPA, Fla. -- WellCare Health Plans, Inc. (NYSE: WCG) today announced that Thomas F. O'Neil III, formerly a partner at DLA Piper US LLP, general counsel of the MCI Group and an Assistant United States Attorney, will join the Company as Senior Vice President, General Counsel and Secretary on or about April 1, 2008.
"We're pleased to welcome Tom to our leadership team," said Heath Schiesser, president and chief executive officer of WellCare. "Tom brings to WellCare not only impressive legal experience garnered over a lifetime of public and private service, but, most importantly, a dedication to integrity, transparency and excellence."
"I look forward to joining WellCare," said Mr. O'Neil. "It is a company that provides valuable services to its members and its government partners and serves a critical role in an ever-changing industry. I am excited about working with the entire WellCare team to develop and grow WellCare while addressing its current challenges."
As noted, prior to joining WellCare, Mr. O'Neil was a partner at DLA Piper US LLP, where he chaired the Government Affairs and Government Controversies practice groups. He also served as the Senior Vice President and General Counsel of the MCI Group, as an Assistant United States Attorney for the District of Maryland and as a law clerk to United States District Judge Alexander Harvey II. Mr. O'Neil received his A.B., magna cum laude, in 1979 from Dartmouth College and his J.D. in 1982 from Georgetown University Law Center. He is a member of the Board of Regents of Georgetown University and the Board of Visitors of Georgetown University Law Center.
In connection with his employment, Mr. O'Neil will receive an inducement award in the form of (i) non-qualified stock options to purchase 100,000 shares of WellCare's common stock and (ii) 50,000 restricted shares of WellCare common stock. The non-qualified stock options will have a ten year term and a per share exercise price based on the closing price of WellCare common stock on the date of grant. The date of grant will be Mr. O'Neil's start date, which is currently expected to be on or about April 1, 2008. Both the non-qualified stock options and the restricted shares of common stock will vest in equal annual installments on each of the first through fourth anniversaries of the grant date of the award. The inducement awards were approved by the Compensation Committee of the Board of Directors of WellCare. In accordance with the rules of the New York Stock Exchange, the inducement award does not require stockholder approval.
About WellCare Health Plans, Inc.
WellCare Health Plans, Inc. provides managed care services exclusively for government-sponsored healthcare programs, focusing on Medicaid and Medicare. Headquartered in Tampa, Florida, WellCare offers a variety of health plans for families, children, the aged, blind and disabled and prescription drug plans, currently serving more than 2.3 million members nationwide. For more information about WellCare, please visit the Company's website at www.wellcare.com.
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