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The Phoenix Companies, Inc. Announces Further Organizational Changes.

Business Editors

HARTFORD, Conn.--(BUSINESS WIRE)--Aug. 15, 2002

The Phoenix Companies, Inc. (NYSE:PNX) today announced organizational refinements under Dona D. Young, president and chief operating officer, that will further integrate the company's life, annuity and investment management operations in support of its wealth management strategy and continue to enhance the company's ability to drive top and bottom line growth. This announcement is consistent with the organizational changes announced in early July, which reported that Mrs. Young is now responsible for all businesses, including investment management.

The company said these changes establish common leadership of its separate wholesaling distribution and marketing organizations to better support its delivery of comprehensive wealth management solutions to financial advisors and their high-net-worth clients. The company's retail affiliated distribution operations also will be consolidated under one leadership. At the same time, the company's trust operation, Phoenix National Trust Company, will be aligned with its life and annuity manufacturing functions, which will better integrate Phoenix's life, annuity and trust product and service capabilities to serve the rapidly changing needs of advisors and their clients.

"This move to common leadership in these core areas will promote better integration and leverage across the entire enterprise," said Robert W. Fiondella, chairman and chief executive officer. "At the same time, we are firmly committed to maintaining our separate and distinct wholesaling organizations in life, annuity and investment management."

Among the changes, life, annuity and retail investment management wholesaling distribution and marketing operations will now be under the leadership of Michael J. Gilotti, who has been promoted to the newly created position, executive vice president, Wholesaling Distribution & Marketing. Mr. Gilotti will continue to report to Dona D. Young, president and chief operating officer.

Mr. Gilotti has a seasoned management team reporting to him, including Robert E. Primmer, senior vice president, Life Distribution & Sales; John F. Sharry, president, Private Client Group, Phoenix Investment Partners; Mark R. Tully, senior vice president, Annuity Distribution & Sales; and Walter H. Zultowski, Ph.D., senior vice president, Marketing & Market Research.

Mr. Tully was promoted to his current position as part of these organizational changes, assuming Mr. Gilotti's responsibilities as head of Annuity Distribution & Sales.

Retail affiliated distribution will be consolidated under Joseph E. Kelleher, FLMI, senior vice president. This now includes two subsidiaries, WS Griffith Advisors, Inc., and Main Street Management, a broker/dealer. Mr. Kelleher continues to report to Mrs. Young.

Life and Annuity manufacturing capabilities will continue under the leadership of Simon Y. Tan, executive vice president, Life and Annuity Products & Operations and Strategic Development. In addition, Actuarial Financial, headed by Louis J. Lombardi, FSA, MAAA, senior vice president, as well as the company's trust operations, led by Charles L. Olson, senior vice president, will now report to Mr. Tan, who continues to report to Mrs. Young.

The company also announced the promotion of Tracy L. Rich to executive vice president and General Counsel, responsible for all legal matters company-wide, including the Corporate Secretary, Corporate Compliance and Government Relations. He continues to report to Mr. Fiondella.

Mrs. Young said, "This structure and strong management team better enable us to execute our wealth management strategy. I am very pleased that we have in place an experienced management team with the proven ability to grow and develop our businesses. I know these people, and I know they share my commitment to enhance our growth and profitability as we build value for our shareholders."

The company provided the following background on the senior managers leading the organizational changes announced today.

Mr. Gilotti, 55, joined Phoenix in 1999 to build the company's annuity product area into a successful, growing business, which he did in less than three years. He is an author of many articles on the strategic use of annuities published in national industry trades. Prior to Phoenix, Mr. Gilotti held senior positions at Aetna, Eden Financial Group and Security First Group. He began his career as an agent at Northwestern Mutual. He has a bachelor's degree in political science from Pennsylvania State University.

In 1974, Mr. Kelleher, 49, joined Home Life Mutual Insurance Company, which merged with Phoenix in 1992. Over his 28-year career, he has held a series of senior operational positions leading to his current position overseeing the company's affiliated retail distribution subsidiaries. He is a Fellow in the Life Management Institute. He holds a bachelor's degree in economics from Iona College and a master's in business administration from Adelphi College.

Mr. Rich, 50, joined Phoenix in 1999 from MassMutual, where he was senior vice president and Deputy General Counsel. He has extensive experience with mutual company mergers, and led the legal team during Phoenix's transition from a mutual to a public company. Prior to that, he worked in corporate law, litigation, product development, employee benefits and as chief tax legal counsel for Connecticut Mutual Life Insurance Company. He has served as an associate with the Hartford law firm of Robinson & Cole, and a trial attorney with the office of the Chief Counsel, Internal Revenue Service, New York. He is a graduate of Union College, received his law degree from New York University, and earned an LLM in Taxation from Boston University. He is admitted to the bar in New York, Connecticut and Massachusetts, and to the U.S. Tax Court.

Mr. Tan, 50, joined Phoenix in 1982 as an actuarial student and progressed through increasingly senior positions until he was elected to his current position in 2000. He worked for Connecticut General Insurance Company and MassMutual prior to coming to Phoenix. He is a member of the Society of Actuaries. He has a bachelor's degree in operations research from The City College of New York.

Mr. Tully, 46, has worked side by side with Mr. Gilotti to build the annuity operation, particularly wholesaling distribution. Before coming to Phoenix in 1999, Mr. Tully held senior sales positions at Keyport Life Insurance Company and at PaineWebber. He holds a bachelor of science degree in psychology from Georgetown University.

The Phoenix Companies, Inc. (NYSE:PNX) is a leading provider of wealth management products and services to individuals and institutions. Through a variety of advisors and financial services firms, Phoenix helps the affluent and high net worth accumulate, preserve and transfer their wealth with an innovative portfolio of life insurance, annuity and investment management products and services. With a history dating to 1851, The Phoenix Companies, Inc. has two principal operating subsidiaries, Phoenix Life Insurance Company and Phoenix Investment Partners, Ltd. The company offers trust services through Phoenix National Trust Company and private placement insurance products through Philadelphia Financial Group, both subsidiaries. Phoenix has corporate offices in Hartford, Conn. For more information on Phoenix, visit www.phoenixwm.com.
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Comment:The Phoenix Companies, Inc. Announces Further Organizational Changes.
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Date:Aug 15, 2002
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