Unum Group Corp. (NYSE:UNM) says Richard McKenney will be taking over for Thomas Watjen as the company’s president and chief executive officer (CEO).
The announcement comes on the same day that company is taking a $698 million charge in connection with an increase in long-term care insurance (LTCI) reserves.
The Unum board will make McKenney the company’s president and CEO April 1, at the next board meeting, the company says.
Watjen, who has been Unum’s CEO since 2003, will become a non-executive chairman. William Ryan, who has been the company’s chairman, will serve as the lead independent director, the company says.
McKenney has been Unum’s chief financial officer (CFO) since 2009. Jack McGarry, who has been the president of Unum’s closed block operations, will become the new CFO.