Unum CEO Announces Retirement
Unum Group (NYSE: UNM) announced today that Kevin P. McCarthy, chief operating officer of the company and chief executive officer of its Unum US operating unit, intends to retire in the first quarter of 2014. He is stepping down from his role as CEO of Unum US effective July 1, 2013, while maintaining his position of chief operating officer of Unum Group. Michael Q. Simonds, currently chief operating officer of Unum US, will succeed McCarthy as CEO of that unit.
“Kevin has helped lead Unum through a very important period and positioned our various businesses extremely well for the future,” said Thomas R. Watjen, president and chief executive officer of Unum Group. “We will certainly miss the strong leadership and steady hand he has brought to the company.”
McCarthy, who joined Unum in 1976, will remain actively involved at the company until his retirement, both in transitioning his operating responsibilities and increasing his involvement in several strategic initiatives under way at the company.
“As we have built management depth and succession plans throughout the company, and with Kevin giving us advance notice of his intentions, we have the time needed to transition his responsibilities to Mike and others without disrupting our business performance,” added Watjen.
As COO of Unum US, Simonds is currently responsible for marketing, product development, underwriting, sales, service and benefit operations. He holds a bachelor’s degree from Bowdoin College and a master’s of business administration from Harvard Business School. He originally joined Unum in 1994 and has held various positions in finance, marketing and sales. After leaving Unum to pursue his MBA, he joined McKinsey & Company as a consultant before returning to Unum in 2003.
“Mike has a proven track record of success in a variety of leadership positions, and I’m confident Unum US will continue to be in great hands under his guidance,” said Watjen. “His deep understanding of our business and his talent for developing people have made him an invaluable member of our senior leadership team.”
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Last Update on April 27, 2015 07:27 GMT
ECONOMY-THE DAY AHEAD
UNDATED (AP) -- This week could be a make-or-break period for investors as more than 150 companies in the S&P 500 report their quarterly financial results, including such market-moving names as Apple, Ford, Visa, Pfizer and Exxon Mobil.
So far, first quarter earnings have come in softer than what investors had anticipated, which has caused analysts to write down their forecasts. Most companies have blamed the U.S. dollar as a reason why sales and profits are down.
Today, Restaurant Brands International will report earnings before the market opens; Apple reports after the market closes.
NEPAL EARTHQUAKE-GOOGLE EXECUTIVE
NEW YORK (AP) -- Dan Fredinburg, a Google executive who described himself as an adventurer, was among the hundreds who died in a massive earthquake that struck Nepal on Saturday.
Google confirmed his death. Lawrence You, the company's director of privacy, posted online that Fredinburg was in Nepal with three other Google employees hiking Mount Everest. The other three, he added, are safe.
Google would not give further details. The company says it has launched a "person finder" tool for Nepal to help people find loved ones and "is working to get updated satellite imagery to aid in the recovery effort." Google says it is committing $1 million to the quake response.
Fredinburg started at Google since 2007. He served as product manager and the head of privacy at Google X.
PORTLAND, Maine (AP) -- New England fishermen and seafood dealers say they expect a year of meager supply and high prices for several popular species of fish as new restrictions on cod fishing get underway.
The New England Fishery Management Council voted last year to reduce the total allowable Gulf of Maine cod catch limit from 1,550 to 386 metric tons starting May 1. The stricter quota will also limit fishermen's ability to catch other key commercial groundfish species, including haddock, pollock and hake.
Regulators say the cod quota cut is necessary because the level of cod spawning in the gulf is just a tiny fraction of its target. The gulf is one of two critical areas where East Coast fishermen search for cod, along with Georges Bank off of Massachusetts.
SANTA ANA, Calif. (AP) -- Corinthian Colleges will shut down all of its remaining 28 ground campuses, displacing about 16,000 students.
The announcement comes less than two weeks after the U.S. Department of Education announced it was fining the for-profit institution $30 million for misrepresentation.
In a statement Sunday, the Santa Ana, California-based company said it was working with other schools to help students continue their education. The closures include Heald College campuses in California, Hawaii and Oregon, as well as Everest and WyoTech schools in California, Arizona and New York.
Corinthian was one of the country's largest for-profit educational institutions. It collapsed last summer amid a cash shortage and fraud allegations.
The Education Department contends that Corinthian failed to comply with requests to address allegations of falsifying job placement data and altering grades and attendance records.
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