Healthcare >> CEO Interviews >> January 10, 2001

Leonard Schaeffer – Wellpoint Health Networks Inc (wlp)

LEONARD D. SCHAEFFER is Chairman and CEO of WellPoint Health Networks Inc. Mr. Schaeffer, named by Worth magazine as one of the '50 Best CEOs in America,' managed the turnaround of Blue Cross of California, which lost $165 million in 1987, to WellPoint, which has been profitable since inception. He also led the recapitalization of the company in 1995, transforming it into a stockholder owned entity, and creating America's sixth largest philanthropy with an endowment of over $4 billion. Previously, Mr. Schaeffer served as President of Group Health, Inc. He was formerly Executive Vice President and COO of the Student Loan Marketing Association, a $4.6 billion financial institution. Mr. Schaeffer was also the Administrator of the Health Care Financing Administration (HCFA) in the US Department of Health Education and Welfare (now known as the Department of Health and Human Services). As Health, Education and Welfare's (HEW) Assistant Secretary for Management and Budget, Mr. Schaeffer was responsible for the department's budget, financial management, organizational control automated systems and facilities management. Before joining HEW, he was Vice President of Citibank, N.A., and was responsible for business planning and financial management for the Service Management Group. He also served as Director of the Bureau of the Budget of the State of Illinois, where he developed the state's $10 billion annual budget and was responsible for state cash and debt management. Mr. Schaeffer also headed the Illinois Planning Office and was Chairman of the Illinois Capital Development Board where he oversaw state construction activities. Earlier, he had been Deputy Director for Management, Illinois Department of Mental Health and Developmental Disabilities, where he was responsible for financial and management functions of the $400 million agency which operated 28 hospitals and more than 100 community programs. Mr. Schaeffer is active on the boards of numerous business, philanthropical, and professional organizations. A native of Evanston, Illinois, he is a graduate of Princeton University. Profile
TWST: Could we start with an overview of WellPoint Health Networks?

Mr. Schaeffer: WellPoint is a health services company that identifies

community healthcare professionals and institutions