WebMD loses chief and scraps sale

Popular health information website WebMD Health took itself off the auction block yesterday as it warned investors of lower 2012 profits as its advertisers in the drug industry pull back on spending. US-listed shares of WebMD, in which activist investor Carl Icahn owns a nearly 10 per cent stake, tumbled 27.4 per cent on the news. WebMD, which had a market value of just over $2bn as of Monday, also said its chief executive, Wayne Gattinella, had resigned. Anthony Vuolo, currently chief financial officer and chief operating officer, will serve as interim chief exec.