Amerigroup ( AGP) Chief Financial Officer Scott M. Tabakin will step down on Oct. 1 for personal and family business reasons, the company announced Tuesday.

The health insurer, based in Virginia Beach, Va., said that Tabakin and Sherri E. Lee, Amerigroup's current treasurer, will assist the company during the transition.

"Scott joined Amerigroup in the spring of 2001 and was instrumental in the company's successful IPO and managing our significant growth over the last two years," said Jeffrey L. McWaters, the company's chairman and chief executive officer. "We will miss him and wish him well in the future; he will remain a valued friend and confidant."

Amerigroup's stock fell $1.17, or 3.4%, on Tuesday to $33.29.