CNO finance chief resigns to take Aflac job

Fred J. Crawford, the chief financial officer at CNO Financial Group Inc., has resigned and joined Georgia-based insurer Aflac Inc., the companies announced late Wednesday.

Crawford joined Carmel-based CNO in 2012 and oversaw all aspects of financial operations for the insurance holding company, which has more than $4 billion in revenue and $34 billion in assets. His resignation is effective immediately, CNO said in a news release, and his Aflac position starts June 30, Aflac said.

Aflac is the largest seller of supplemental health insurance.

"We thank Fred for his contributions to CNO over the past three years and wish him well in his new position," said CNO CEO Ed Bonach in a statement. "Fred added significant value to CNO, and he leaves us with a strong financial foundation, highly effective financial capabilities and processes, and an outstanding finance team that will oversee our operations as we conduct the search for a new CFO."

John Kline, senior vice president and chief accounting officer, and Erik Helding, senior vice president of treasury and investor relations, have been appointed to oversee the financial operations until a successor is named, CNO said.

Crawford helped complete what some have called a remarkable turnaround at CNO, which as recently as 2009 was burdened with unprofitable holdings, toxic assets, and a depressed stock price. Among other things, Crawford steered the company into landing 10 bond-rating upgrades by four major ratings agencies between 2012 and 2014.

Last December, Crawford was named to IBJ's 2014 CFO of the Year list.

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