Phoenix Companies Inc. today announced that Dona D. Young, the chairman, president and chief executive officer, will retire from the embattled Hartford insurer after 29 years, effective April 15.
Young, 55, also agreed to give up her seat on the board of directors and accepted a one-year consulting contract with the company.
Succeeding Young as president and CEO is James D. Wehr, who is the company’s senior executive vice president and chief investment officer. Wehr, 51, also joins the Phoenix board.
Last month, The Phoenix announced a fourth-quarter loss and said it was cutting its work force by 25 percent and eliminating its dividend. The company also said it would seek federal assistance, if offered to insurers. More recently, State Farm Insurance suspended sales of Phoenix’s annuities products, citing the Hartford insurer’s financial weakness.
Thomas S. Johnson, a Phoenix director and chairman of the compensation committee, was named non-executive chairman.
Wehr joined Phoenix in 1981 and has held a series of increasingly senior investment positions, including credit research, trading and portfolio management. He has served as chief investment officer since 2004, was named executive vice president in 2005, and senior executive vice president in 2007.
“I am excited by this opportunity,” Wehr said in a statement. “Although it will not be easy, I am fortunate to have a great management team and board, and together we will continue to take the decisive steps necessary to advance the company for our shareholders, customers and business partners.”
Young, who joined Phoenix as an attorney in 1980, became chairman, president and CEO in 2003.
“My entire career has been at Phoenix, which made this a particularly difficult decision,” she said. “Ultimately, however, I determined that it was the right time to make the change for the company and for my family.”
At 11 a.m. The Phoenix traded at 51 cents, up 11 cents, or 27.5 percent.
