Investors Calling for Conseco Chair Resignation

Large investors, angry over the plunging value of Conseco shares, are calling for Chairman Stephen Hilbert’s resignation.

Over the last two years, Conseco’s stock price has fallen more than 80 percent, down from a peak of $57.75 to a Tuesday close of $7.87 on the New York Stock Exchange. The plunge began with Conseco’s $6 billion purchase of Minnesota-based Green Tree Financial Corp., a mobile home lender.

In early March, investors were informed that both Conseco and Green Tree were performing well. But by the end of the month, Conseco announced it would not only sell Green Tree but would also lower previously reported earnings for 1999 by roughly one third, or $350 million.