Mutual departure.

DaVita Inc. announced last week that its 9chief financial official was leaving her job just seven months after joining the company--amid several government probes and a big merger.

Yet Wall Street shrugged its shoulders. Shares of the Los Angeles-based company closed at $41 on April 21, two days after the announcement, above a $40 trading floor the stock has set since the beginning of the year.

The reason? While the official company announcement only cited a "mutual agreement" for the departure of Denise Fletcher and praised her for her "many contributions," behind the scenes the company was saying something different.

"I would characterize this as having more to do with just the chemistry of the various players in the senior management team. It was just not a good fit with them and Denise Fletcher," said Darren Lehrich, an analyst with Piper Jarfray Cos. who spoke later with management of the company.

That kind of analysis overrode initial worries on Wall Street that the departure could have something to do with one of several government probes dogging the company.

The firm has been hit with three subpoenas in four years by the U.S. Attorney's office on matters ranging from its use of Vitamin D therapy to its physician relationships. It's also trying to pass muster with the Federal Trade Commission for its proposed $3 billion acquisition of Gambro Healthcare, which would make it the No. 1 operator of dialysis clinics in the nation.

Lehrich added that the only disappointment to come from the departure was that the company had spent many months searching for a new chief financial officer before settling on Fletcher, a former chief financial officer of MasterCard International Inc.