Young to retire as chairman, president and CEO of the insure

 

Wednesday, Mar 25,2009, 5:29:56 PM   Click:

(BestWire Services Via Acquire Media NewsEdge) Dona D. Young, chairman, president and CEO of Phoenix Cos., will retire from the life insurer after 29 years, beginning on April 15. Succeeding her as president and CEO will be James D. Wehr, Chief Investment Officer and Senior Executive Vice President.

Young, 55, Phoenix also leave the board and serve as a consultant to the company for one year, the Hartford, Conn.-company said.

Recently, Phoenix (NYSE: PNX) reported fourth quarter and year-end 2008 net loss of $ 378.3 million and $ 726 million, respectively, in part, on losses related to the spin - off its asset management subsidiaries and the cost of deferred acquisition costs.




Finding solutions for enterprises, SMEs and service providers at the INTERNET TELEPHONY Conference and Expo West, September 1-3, 2009. Los Angeles, CA.
Finding solutions for enterprises, SMEs and service providers at the INTERNET TELEPHONY Conference and Expo West, September 1-3, 2009. Los Angeles, CA.
Finding solutions for enterprises, SMEs and service providers at the INTERNET TELEPHONY Conference and Expo West, September 1-3, 2009. Los Angeles, CA.
Finding solutions for enterprises, SMEs and service providers at the INTERNET TELEPHONY Conference and Expo West, September 1-3, 2009. Los Angeles, CA.
Finding solutions for enterprises, SMEs and service providers at the INTERNET TELEPHONY Conference and Expo West, September 1-3, 2009. Los Angeles, CA.
Finding solutions for enterprises, SMEs and service providers at the INTERNET TELEPHONY Conference and Expo West, September 1-3, 2009. Los Angeles, CA.

Also, State Farm Mutual Automobile Insurance Co. Phoenix said it would suspend sales of Phoenix life insurance and variable annuity products because of the lower credit rating agencies in Phoenix Life Insurance subsidiaries (BestWire 4 March 2009).

Alice Ericson, a spokesman for Phoenix, said Young turned 55 in January and has long hoped to retire at that age. "Given the exceptional nature of the challenges of recent months, she also knew that changes were needed at each level of the company, which is now smaller and more focused," said Ericson.

"It was a difficult decision for her, but in the end she felt was right for society, her family and herself," she says.

Young joined Phoenix as a lawyer in 1980 and was appointed Chairman, President and CEO in 2003. She was chief executive at one of the most challenging periods in the company? S 158-year history, and throughout these six years, has shown strong leadership, courage and vision, "said Peter C. Browning, Phoenix? S Chief Administrator, in a statement.

Wehr, 51, who will become a board member of Phoenix, joined Phoenix in 1981 and has held several senior management positions for investment, including credits for research, negotiation and management portfolio. He was Chief Investment Officer since 2004 and was appointed Senior Executive Vice President in 2007.

"My career was in Phoenix, making it particularly difficult decision," Young said in a statement. "Obviously, over the past few months have been challenging as ever, and Jim Wehr? Deep S market knowledge was invaluable. " Thomas S. Johnson has been appointed non-executive chairman.

Hours on 10 March Best Co. has downgraded the financial strength rating of B + + (Good) from A (Excellent) and the issuer credit rating BBB + from one of the main life insurance Phoenix Cos Inc same time, AM Best downgraded the FSRS to B + + (Good) from A-(Excellent) and the CIHR from a BBB-Phoenix Life and Annuity Co. and Phoenix American Life Insurance Co. and (BestWire, March 10, 2009).

In the afternoon of March 23, Phoenix Cos. stock was trading 58 cents per share, up 45% from the previous close.

(By Fran Lysiak Matso, senior editor, BestWeek: fran.lysiak @ ambest.com) Copyright? 2009 h Best Company, Inc.