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. Those of you yelling to deport them all should at least understand that the law allows minors (if not from a bordering country) to argue for asylum. If you don't like the law, you can petition Congress to change it. But you can't blindly scream that they all need to be deported now, unless you want your government to just decide which laws to follow and which to ignore.

  2. 52,000 children in a country with a population of nearly 300 million is decimal dust or a nano-amount of people that can be easily absorbed. In addition, the flow of children from central American countries is decreasing. BL - the country can easily absorb these children while at the same time trying to discourage more children from coming. There is tension between economic concerns and the values of Judeo-Christian believers. But, I cannot see how the economic argument can stand up against the values of the believers, which most people in this country espouse (but perhaps don't practice). The Governor, who is an alleged religious man and a family man, seems to favor the economic argument; I do not see how his position is tenable under the circumstances. Yes, this is a complicated situation made worse by politics but....these are helpless children without parents and many want to simply "ship" them back to who knows where. Where are our Hoosier hearts? I thought the term Hoosier was synonymous with hospitable.

  3. Illegal aliens. Not undocumented workers (too young anyway). I note that this article never uses the word illegal and calls them immigrants. Being married to a naturalized citizen, these people are criminals and need to be deported as soon as humanly possible. The border needs to be closed NOW.

  4. Send them back NOW.

  5. deport now

ADVERTISEMENT