CONSECO CHAIRMAN AND FINANCE CHIEF FORCED OUT BY BOARD

The board of Indiana-based insurance and financial services group Conseco has ousted chairman and founder Stephen Hilbert and chief financial officer Rollin Dick, following increasing pressure from investors. David Harkins, a Conseco director and president of buyout specialist Thomas H. Lee Partners, has been named interim chairman and chief executive. The company announced the change as it posted a 73% decline in first-quarter earnings to $77.4m. The company’s stock has been one of the worst performers on Wall Street over the last two years as it has struggled to integrate numerous acquisitions. The stock was hit hard in late April after Moody’s cut its rating on Conseco senior debt to non-investment grade. That move came three weeks after Conseco said it would sell its Conseco Finance unit. The subsidiary was formed with the group’s $6bn acquisition two years ago of Green Tree Financial.