Indianapolis-based WellPoint, Inc. has announced that its President and CEO Angela Braly has resigned.

The company announced Tuesday that its board of directors have set up a search committee to find a replacement for Braly. WellPoint's John Cannon, executive vice president, general counsel, corporate secretary and chief public affairs officer, will serve as interim president and CEO while the search is being conducted.

WellPoint also announced that its lead director Jackie Ward has been named the non-executive chair of the board of directors. In a statement, Ward said "now is the right time for a leadership change."

Braly took over the positions of president and CEO in 2007.