Bob Graham, Executive Editor

The most vocal — and possibly most unlikely -– critic of the proposed merger between Highmark Inc. and Independence Blue Cross in Pennsylvania has resigned abruptly, according to an IFAwebnews.com article. Neither now former CEO Anita M. Smith nor officials at Capital BlueCross, the Harrisburg, Pa.-based health insurer in Central Pennsylvania and the Lehigh Valley, would offer an explanation for her departure.

The timing, in the heat of the debate over the merging of Highmark and IBC, seems more than a coincidence. Since we don’t have the real reason or reasons for Smith cleaning out her office, I’m left to speculate. I have three-and-a-half theories.

Theory 1: Smith’s opposition to the merging of two huge Blues players upset the national association’s leadership. She kept voicing her concerns, fearing how the merger could quash her company. The Blue Cross and Blue Shield Association honchos didn’t like it. They spoke to the Capital BlueCross board (read: told the Capital folks what to do). The board listened (read: what choice did they have?). Smith is out of a $1.3 million a year job.

Theory 2a: Smith sees a merger of IBC and Highmark as imminent, meaning Capital BlueCross has to change to fight the threat of a monster new health insurance company. The board disagreed. She’s out of a job.

Theory 2b: Same scenario as Theory 2, except the board sees the threat, Smith doesn’t. They disagree again. She’s out of a job.

Theory 3: Highmark and IBC wanted to quell her by absorbing the company into its growing Pennsylvania empire. She disagreed with the board on the matter. Either she wanted to merge or the board did. She’s out of a job.

Smith and the Capital BlueCross board disagreed over one or more things, big or small. Boards always win. She’s out of a job.

I hope we learn one day which, if any, of these theories is fact.