Former Northeast Utilities finance executive John H. Forsgren is the new chairman of The Phoenix Cos. Inc., taking the reins as the Hartford insurer grapples to get its financial records in order.
Forsgren, 66, succeeds financier Thomas S. Johnson, who retired from the Hartford insurer’s board after 13 years – the last four as chairman. Phoenix said over the weekend that Johnson’s retirement is in line with its board- retirement guidelines.
Forsgren joined the Phoenix board 2005, most recently chairing its finance committee and seated on the executive and audit committees.
He was once vice chairman, executive vice president and chief financial officer of Northeast Utilities, which owns Connecticut Light & Power and Boston’s NStar utility, among others. He also is a director of Trident Resources Corp., Port Townsend Paper Co., and Duke Energy Corp.
Forsgren’s finance experience should aid Phoenix while it’s on the clock to post delayed filings for some of its most recent quarterly financials. It also must recalculate and restate errant financials for some others.
The financial-reporting foul-up, too, has drawn the scrutiny of the New York Stock Exchange, which has alerted Phoenix that its continued listing on the exchange is in jeopardy while the reporting adjustments are pending.
Johnson joined the Phoenix board in 2000, was elected chairman in 2009 and previously chaired its compensation committee.
He is the retired chairman and CEO of GreenPoint Financial Corp. and was previously president and director of New York’s Manufacturers Hanover Trust Co. and Manufacturers Hanover Corp. He is a director of R.R. Donnelley & Sons Co. Inc. and Alleghany Corp.
