Conseco's

(CNC) - Get Report

board voted today to remove Dennis E. Murray Sr. and David R. Decatur as directors.

The move follows a recommendation by a special committee that members who owe significant amounts under the company¿s stock purchase plan for officers and directors, which was in place from 1997 to 1999, shouldn't continue to serve on the board.

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While the plan was in place, directors were able to purchase Conseco stock with debt guaranteed by the company.

After the report in September, directors Ngaire E. Cuneo and James D. Massey resigned from the board. Former executive Donald F. Gongaware resigned from the board prior to the report by the special committee. The company said none of its current directors have any outstanding debt under the plan.

Shares of Conseco, which is based in Indianapolis, lost 38 cents today, or nearly 4%, to close the regular session at $9.19.