Shareholders of Conseco Inc. have re-elected four directors and rejected an advisory proposal urging the repeal of the company’s classified board structure. Lawrence M. Coss, 61; Thomas M. Hagerty, 37; James D. Massey, 65; and Dennis E. Murray Sr., 60, were all re-elected at the shareholders June 23 meeting in Carmel, Ind.
The proposal rejected by the shareholders was sumbitted by the Employees Pension Plan of the American Federation of State, County and Municipal Employees, AFL-CIO. Also, interim Chairman and CEO David V. Harkins outlined his six objectives, and reported on their progress to date, including Conseco’s search for a permanent chief executive officer.
“We have been encouraged by the quality and capabilities of people who have shown interest in the position and we are optimistic that we will be able to conclude our search and hire our new chief executive officer in the third quarter,” Harkins said. “The company has interviewed a number of candidates and has retained one of the nation’s leading executive search firms to assist in the search.”
Harkins also addressed the company’s need to ensure appropriate liquidity and access to the capital markets; the sale of Conseco Finance and other, non-core assets; the use of sale proceeds to restructure the company’s balance sheet; and a return to Conseco’s strategic focus on core insurance and fee-based businesses.
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