Blue Cross Blue Shield of North Carolina cancels merger between Cambia Health Solutions

Both Blue Cross Blue Shield of North Carolina (BCBSNC) and Cambia Health Solutions released a joint statement online on Friday stating the two companies will be canceling their merger.

Read the joint statement made on Tuesday in its entirety here:

"Today, our respective Boards of Directors decided to temporarily pause the proceedings toward the Strategic Affiliation between our two companies. The Strategic Affiliation was built on Cambia and Blue Cross NC's shared strategic vision to make health care better, simpler and more affordable for individuals and their families. We will provide further updates on our shared progress as they become available."

Earlier this week, former BCBSNC CEO Patrick Conway resigned Wednesday night after he was arrested over the summer with a DWI and child abuse charges in Randolph County.

In Conway's place, the Chief Operating Officer, Gerald Petkau, will act as the interim CEO.