Conseco names new CEO as William Shea resigns.The chief executive who had led troubled life insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. Conseco Conseco (NYSE: CNO), originally Security Life of Indiana, is a financial services organization based in Carmel, Indiana. Conseco's insurance subsidiaries provide life insurance, annuity and supplemental health insurance products to more than 4 million customers in the 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and board member, said he was satisfied that Conseco had made "a successful turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. " 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 kirsch n. A colorless brandy made from the fermented juice of cherries. [French, short for German Kirschwasser; see kirschwasser. 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. |
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