Carmel-based insurer CNO Financial Group’s next chief financial officer will be based in Chicago, replacing the company’s Carmel-based CFO who leaves the company March 29.
Paul McDonough, 54, takes the reins as CFO on April 1. He comes to CNO from Plymouth, Minnesota-based OneBeacon Insurance Group, where he served as executive vice president and chief financial officer.
CEO Gary Bhojwani said in a prepared statement that CNO is in growth mode and that it brought McDonough on board “to add a different set of experience and capabilities to our leadership team.”
“Paul's deep financial background and proven track record in supporting growth are important at this stage of our development and will position us well for long-term success and shareholder value creation," Bhojwani said.
CNO’s outgoing CFO, Erik Helding, is leaving to pursue other opportunities, the company said.
The company also announced this week that it is promoting Rocco Tarasi to the position of chief marketing officer effective April 1. Tarasi succeeds Gerardo Monroy, whom CNO said is leaving the company March 29 to pursue other opportunities.
Both Tarasi and Monroy are Chicago-based.
CNO operates three brands: Carmel-based Washington National, Chicago-based Bankers Life and Philadelphia-based Colonial Penn—and the company has executives in each of these cities.
The company’s 11-member senior executive group has five members who work in Carmel, five based in Chicago and one, the president of Colonial Penn, who lives in Philadelphia.
In addition to McDonough, CNO’s other Chicago-based executives are CEO Gary Bhojwani; its chief human resources officer; its Bankers Life president and its chief marketing officer.
CNO’s Carmel-based executive team includes its chief operations and technology officer, its Washington National president, its chief investment officer, its chief accounting officer and its general counsel.
About 1,200 of CNO’s 3,200 full-time employees work in Carmel.