The Phoenix Companies, Inc. (NYSE:PNX) today announced management and organizational changes focused on accelerating business growth.
“Over the last three years, we have made significant progress in strengthening the company and redefining our business strategy. It is now time to realign the organization to sharpen our focus on strategic business development, better support our core priorities and improve our ability to execute,” said James D. Wehr, president and chief executive officer. “Toward that end, I have asked several members of the management team to take on new and expanded responsibilities.”
The following changes are effective November 15, 2012:
- Peter A. Hofmann, CFA, Executive Vice President, Strategy and Business Development.Mr. Hofmann, Phoenix’s current chief financial officer and treasurer, will become executive vice president, Strategy and Business Development, a newly created position focused on accelerating new business momentum and improving profitability. In his new role, Mr. Hofmann will be responsible for strategic planning, business development and capital management. He joined Phoenix in 2001 as a vice president to establish the investor relations function and prepare the company for its initial public offering. He was named chief financial officer in 2007.
- Bonnie J. Malley, Executive Vice President, Chief Financial Officer and Treasurer.Ms. Malley will be promoted to chief financial officer and assume responsibility for all financial management and oversight as well as investor relations. Ms. Malley is currently executive vice president and chief administrative officer and will retain responsibility for information technology. Ms. Malley joined Phoenix in 1985 as a staff auditor and served in increasingly senior accounting and finance positions, including chief accounting officer. She assumed responsibility for Human Resources in 2002 and, in the ensuing years, added other administrative functions.
The following changes are effective November 1, 2012:
- Thomas S. Buckingham, FSA, Executive Vice President, Product Development and Operations.Mr. Buckingham will be promoted to executive vice president and lead all product- and service-related functions including product development, product implementation and operations. Mr. Buckingham is currently senior vice president, Product Implementation and Operations. He joined Phoenix as an actuarial assistant in 1999 and served in increasingly senior corporate, product development and operational positions.
- Edward W. Cassidy, Executive Vice President and Managing Principal, Saybrus Partners, Inc.Mr. Cassidy will take on additional responsibility for building out Phoenix’s distribution strategy in addition to managing Saybrus Partners’ third-party distribution consulting business. Mr. Cassidy joined Phoenix in 2006 as a senior vice president in charge of life insurance distribution and was named managing principal of Saybrus Partners when it was established in 2009.
- Jody A. Beresin, Senior Vice President, Administration.Ms. Beresin will be promoted to senior vice president and will be responsible for Human Resources, Corporate Communications and Corporate Services. Ms. Beresin is currently vice president, Human Resources. She joined Phoenix in 1994 as a director in Corporate Communications and held increasingly senior positions in Corporate Communications and Human Resources, which she joined in 2004.
- Philip K. Polkinghorn, FSA, Senior Executive Vice President, Business Development.Mr. Polkinghorn will resign from the company. He joined Phoenix in 2004 as an executive vice president and most recently played a significant role in developing the company’s middle market strategy and fixed indexed annuity business.
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