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Conseco Rejects Investment Firm Request For Board Seats

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Steel Partners II L.P. is seeking two seats on the board of a Midwestern insurer.

Steel Partners, New York, has been trying to add its president, Jack Howard, and its chief executive, Warren Lichtenstein, to the board of Conseco Inc., Carmel, Ind., to help “Conseco in exploring alternatives to maximize shareholder value,” Conseco says.

Conseco notes that it already has hired an investment bank, Morgan Stanley & Co., New York, to help it review strategic alternatives.

“We share with Steel Partners, as well as our other shareholders, a common interest in taking actions that will increase the value of the company for shareholders,” Conseco Chief Executive Jim Prieur says in a statement.