UNUMPROVIDENT SACKS CHIEF EXECUTIVE HAROLD CHANDLER

Troubled Tennessee-based disability insurer UnumProvident has sacked chief executive Harold Chandler in an effort to restore investor confidence and improve operating performance. Vice-chairman and chief operating officer Thomas Watjen has been named interim president and chief executive. The company’s shares have lost two-thirds of their value over the last year, amid concern at the group’s debt load and a string of lawsuits brought by policyholders who alleged that their claims had been wrongfully denied. Several ratings agencies downgraded UnumProvident earlier this month owing to concern over its capital strength. The company expects to take a $9.8m charge against first-quarter earnings to reflect the cost of removingMr Chandler, who will receive severance pay of about $8.5m and pension benefits of about $8.5m. UnumProvident claims about 30% of the US’ disability insurance business.