NU Online News Service, Sept. 30, 2:22 p.m. –The Phoenix Companies Inc., Hartford, says Dona Young, the company's president and chief operating officer, will succeed Robert Fiondella as chief executive officer Jan. 1, 2003.
Fiondella, who is now chairman and CEO, will continue to serve as chairman until June 2003.
Phoenix estimates it will spend about $25 million to cover the costs resulting from the changes at the top.
Fiondella says in an announcement of the management changes that he has been planning his retirement since February 2000, before the company converted to a stock charter from a mutual charter.
This seems to be a good time for a change, because the company has now completed a full year as a publicly traded stock company, Fiondella says.
Fiondella, 60, has been working for Phoenix for more than 30 years and serving as its chairman for eight years. He joined the company as a lawyer in its law department in 1969.
Young, 48, joined the company as a lawyer in the law department in 1980. She has also worked in the company's reinsurance, individual life insurance, annuity, corporate staff and investment management operations. She has been the company's president since 2000 and its chief operating officer since 2001.
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