CNO Financial Group’s Bonach to Retire

(Image courtesy of CNO Financial Group)

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Carmel-based CNO Financial Group Inc. (NYSE: CNO) Chief Executive Officer Ed Bonach will retire at the end of the year. The company says the transition also includes leaving the board of directors. President Gary Bhojwani will succeed Bonach and immediately take a seat on the board.

Bonach has spent the last six years as CEO. He came to the company as chief financial officer in 2007. Bonach previously served as CFO of National Life Insurance Group and CFO of Allianz Life Insurance Co. of North America, where he was an employee for 23 years.

Board Chair Neal Schneider says "Ed’s accomplishments over the past 10 years at CNO are immeasurable. He has successfully increased shareholder value, delivered strong profitability, and has been unwavering in his commitment for CNO to be the leader in meeting the needs of middle-income Americans for financial security and readiness for the life of their retirement. He’s leaving CNO a strong, thriving, focused and profitable insurance enterprise. We’re also pleased that Gary is well-positioned to seamlessly fill the CEO role, as CNO continues to expand and fulfill its vision."

Bhojwani has been with CNO Financial Group for a year and previously served as CEO of Allianz Life Insurance Co. of North America from 2007 to 2012. His experience also includes board positions with Allianz SE, Allianz of America, Allianz Life Insurance Co. and Fireman’s Fund Insurance Co.