Ind. Conseco Names New CEO

Carmel, Ind.-based Conseco, Inc. has named C. James Prieur as its new CEO, effective Sept. 7, the insurer said.

Prieur, who was president and CEO of Sun Life Financial, replaces former top Conseco executive William S. Kirsch, who resigned in May. Prieur also will join Conseco’s board of directors, the company said in a news release Wednesday.

“Jim has an impressive record of success in growing revenues and earnings; building and running large and complex insurance businesses; and a wealth of operating and investment management experience,” Conseco Chairman R. Glenn Hilliard said in the release.

“We are impressed with his deep knowledge of the insurance business, his passion and drive for results, and the adaptability he has displayed in leading businesses through very complex challenges.”

Interim CEO James E. Hohmann will become president and chief operating officer, Conseco said.

Conseco filed for bankruptcy protection in December 2002, when its plans to expand from insurance into a range of financial services collapsed under a mountain of debt. Conseco emerged from Chapter 11 protection in September 2003. At the time, it was the one of the nation’s largest bankruptcies.

Last week, Conseco agreed to settle a 2004 class-action lawsuit against its life insurance division, and said it would post a $100.3 million charge for related costs in the quarter that ended June 30.

Shares of Conseco fell 36 cents to close at $20.16 on the New York Stock Exchange.