Conseco Inc. says it is making progress in selling non-strategic assets and paying down debt. The company has also begun the reorganization of Conseco’s insurance operations. In a press release Tuesday, the company said it made the announcement in a memo to shareholders.
In the memo, Chairman and Chief Executive Gary Wendt, said the company named Ed Berube as president of Bankers Life. The company also announced it intends to sell or monetize more than $2 billion of its non-strategic assets.
According to the release, the company’s total proceeds exceeded $1.1 billion. And assets sold have generated $130 million more than the company estimated – a 14 percent premium. The company has also eliminated two layers of management that used to stand between the CEO and the company’s insurance business units.
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