IBJNews

CNO says CEO Prieur to retire, to be replaced by CFO

Back to TopCommentsE-mailPrintBookmark and Share

Jim Prieur will retire as CEO of CNO Financial Group Inc. on Sept. 30 and will replaced by the company’s chief financial officer, Ed Bonach, the company announced Wednesday.

CNO, a Carmel-based life and health insurer, will launch a search to hire a CFO to replace Bonach.

Prieur, 60, became CNO’s chief in September 2006, when it was known as Conseco Inc., leaving a job as the No. 2 executive at Toronto-based Sun Life Financial Inc. He has led CNO through multiple rounds of restructuring and debt-reduction, during which its stock price swooned.

The company has returned to firm footing, with nine straight profitable quarters. The stock price has risen 18 percent so far this year, closing at $8.02 on Wednesday, before the retirement announcement was made.

But the value of CNO’s stock is still more than 60 percent below where it was when Prieur arrived.

"After five successful years rebuilding and recapitalizing CNO, and with the company well positioned to pursue the underserved but fast-growing senior and middle-income market, it is the appropriate time for the company to prepare for its future and continued success under new leadership," Prieur said in a prepared statement.

CNO also said it is promoting Scott Perry, the head of its largest subsidiary, Bankers Life, to be chief operating officer of the entire company. However, Perry, 48, will retain his duties overseeing Banker, which is based in Chicago.

Bonach, 57, came to CNO in 2007 from Vermont-based National Life Group, where he was also chief financial officer. He also served as chief financial officer for Minneapolis-based Allianz Life as part of his 23-year career there. Bonach was named one of the area's top CFOs in 2010 as part of IBJ's annual CFO of the Year program. (A video interview with Bonach is posted below.)

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Can your dog sign a marriage license or personally state that he wishes to join you in a legal union? If not then no, you cannot marry him. When you teach him to read, write, and speak a discernible language, then maybe you'll have a reasonable argument. Thanks for playing!

  2. Look no further than Mike Rowe, the former host of dirty jobs, who was also a classically trained singer.

  3. Current law states income taxes are paid to the county of residence not county of income source. The most likely scenario would be some alteration of the income tax distribution formula so money earned in Marion co. would go to Marion Co by residents of other counties would partially be distributed to Marion co. as opposed to now where the entirety is held by the resident's county.

  4. This is more same-old, same-old from a new generation of non-progressive 'progressives and fear mongers. One only needs to look at the economic havoc being experienced in California to understand the effect of drought on economies and people's lives. The same mindset in California turned a blind eye to the growth of population and water needs in California, defeating proposal after proposal to build reservoirs, improve water storage and delivery infrastructure...and the price now being paid for putting the demands of a raucous minority ahead of the needs of many. Some people never, never learn..

  5. I wonder if I can marry him too? Considering we are both males, wouldn't that be a same sex marriage as well? If they don't honor it, I'll scream discrimination just like all these people have....

ADVERTISEMENT