Three WellPoint board members have collected a combined $625,517 in gains from stock options in the Indianapolis-based health insurance giant as the company has faced national media scrutiny and barbs from the Obama administration over premium increases.
Sheila Burke, a WellPoint director since 2004, had the largest single gain, $360,989, by cashing in 9,920 of her WellPoint options, according to a regulatory filing. Those options allowed her to buy the stock for $25.61 a share on Feb. 5. She sold those shares the same day at the then-market price of $62 a share.
Stock options, a common form of executive compensation, allow the holder to buy a company's shares for a set price over a set period of time. The options cashed in by Burke were due to expire in February 2012.
Burke, who was chief of staff to then-Senate Majority Leader Bob Dole from 1985 to 1996, did not respond to a request for comment left with her office at the John F. Kennedy School of Government at Harvard, where she is a faculty member.
WellPoint director William H.T. Bush gained $167,428 from exercising options to buy 3, 056 WellPoint shares for $6.34 each Feb. 9 and selling that stock for prices ranging from $61.12 to $61.13 a share. The options exercised by Bush, brother of former President George H.W. Bush, were set to expire in July.
Bush did not respond to a request for comment left at Bush O'Donnell & Co., his St. Louis investment firm.
Donald Riegle, a former Democratic U.S. senator from Michigan, gained $97,100 from exercising 5,000 options, priced at $44.18 apiece, then selling that stock for $63.60 a share Feb. 4. Riegle did not respond to a request for comment left Monday at consultant APCO Worldwide.
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