Conseco names new CEO as William Shea resigns.

The chief executive who had led troubled life insurer Conseco Inc. through a painful Chapter 11 reorganization has resigned, saying he thought it was "a natural time" to move on.

William J. Shea, 56, who has been Conseco's president, CEO and board member, said he was satisfied that Conseco had made "a successful turnaround" under his leadership. "Given the progress we have made, and having accomplished most of what I hoped to achieve at Conseco, this was a natural time for me to leave," he said in a statement.

Shea, who also resigned from the board of directors, will be replaced by William S. Kirsch as both president and CEO. As an attorney, Kirsch began representing Conseco in the spring of 2002 as the life insurer's principal outside counsel throughout its Chapter 11 reorganization. Since September 2003, he served as executive vice president, general counsel and secretary of Conseco.

R. Glenn Hilliard, Conseco's nonexecutive chairman since September 2003 and former chairman and CEO of ING Americas, was named executive chairman. In that role, Hilliard will "work closely with Mr. Kirsch in setting and overseeing execution of the strategic plan for Conseco, as well as promoting key business relationships and nurturing key talent within the company," Conseco said.