Lincoln Financial Chairman/CEO To Retire
July 9, 2007 at 5:34 AM (PT)
LINCOLN NATIONAL CORP. Chairman/CEO JON BOSCIA will be retiring effective immediately, the company said late FRIDAY. BOSCIA, who has been CEO since 1998, will be replaced by longtime board member J. PATRICK BARRETT as Chairman and by COO/President DENNIS R. GLASS as CEO. BOSCIA, 55, will be available to assist his successors until departing the company SEPTEMBER 1, but both BARRETT and GLASS will assume their duties immediately.
GLASS, 57, was CEO of JEFFERSON-PILOT CORP., which LINCOLN FINANCIAL acquired last year.
"My decision to retire comes at the right time for LINCOLN FINANCIAL GROUP and for me," BOSCIA said in a statement. "As the 10th anniversary of my appointment as CEO approaches, I am proud to say that we have successfully -- and ahead of schedule -- met the milestones associated with the integration of LINCOLN FINANCIAL GROUP and JEFFERSON PILOT. I also am proud to say that LINCOLN FINANCIAL GROUP's operations, financial condition and long-term growth prospects are solid. With my complete confidence in DENNIS and our management team to guide LINCOLN FINANCIAL GROUP going forward, I concluded that a quick and complete transition is in the best interest of the company."
LINCOLN FINANCIAL spokesperson PRISCILLA BROWN said BOSCIA had been thinking at the time of the merger about the eventuality of turning the reins over to GLASS after the two companies were integrated. She said that integration has progressed ahead of schedule and the company's financial performance has been strong, so BOSCIA thought it was a good time to depart. BROWN said BOSCIA does not have any firm future professional plans.