O’Donnell named CEO of Unum UK
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
Unum Group (NYSE:UNM) today announced that Jack McGarry, who has served
as CEO of Unum UK since July 2010, will return to the U.S. to manage the
company’s closed block of business. Peter O’Donnell, senior vice
president and chief financial officer of Unum UK, has been named to
replace McGarry as president and CEO of that unit.
“These leadership changes affect two very important areas of our
company,” said Thomas R. Watjen, president and CEO of Unum Group. “Our
closed block now represents over 25 percent of our capital, and I’m
confident that Jack’s significant financial and operational expertise
will help us improve the performance of this business.”
Unum’s closed block includes individual disability policies issued prior
to the mid-1990s and all of the company’s long-term care business. Unum
discontinued writing individual long-term care policies in 2009 and new
group long-term care policies earlier this year. As of June 30, 2012,
this business segment had assets of more than $32 billion.
Peter O’Donnell, who succeeds McGarry as president and CEO of Unum UK,
joined the company in June 2010 as its chief financial officer. “Peter
has been a tremendous addition to our leadership team, with a proven
track record of success both at Unum UK and within the financial
services industry,” added Watjen. “I’m confident he will be able to help
us capitalize on our unique position in the U.K. market.”
Prior to joining Unum UK, O’Donnell spent a number of years in senior
finance roles at RSA plc and Aviva plc and was director, Group Finance,
for Prudential plc. He has a bachelor of commerce degree from University
College Dublin.
With O’Donnell’s promotion, Deputy CFO Stephen Harry becomes CFO of UnumUK.
Both O’Donnell and Harry’s appointments are subject to formal approval
by the U.K. Financial Services Authority.
ABOUT UNUM GROUP
Unum Group (www.unum.com)
is a leading provider of financial protection benefits in the United
States and the United Kingdom. Unum’s portfolio includes disability,
life, accident and critical illness coverage, which help protect
millions of working people and their families in the event of an illness
or injury. The company reported revenues of $10.3 billion in 2011, and
its subsidiaries – Unum US, Colonial Life and Unum UK – provided more
than $6 billion in benefits last year.
Investors:
Tom White, 423-294-8996
or
Rob Lockerman
423-294-7498
or
Media:
Jim Sabourin 423-294-6043
Source: Unum Group