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Unum CEO Announces Retirement
Unum Group (NYSE: UNM) announced today that Kevin P. McCarthy, chief operating officer of the company and chief executive officer of its Unum US operating unit, intends to retire in the first quarter of 2014. He is stepping down from his role as CEO of Unum US effective July 1, 2013, while maintaining his position of chief operating officer of Unum Group. Michael Q. Simonds, currently chief operating officer of Unum US, will succeed McCarthy as CEO of that unit.
“Kevin has helped lead Unum through a very important period and positioned our various businesses extremely well for the future,” said Thomas R. Watjen, president and chief executive officer of Unum Group. “We will certainly miss the strong leadership and steady hand he has brought to the company.”
McCarthy, who joined Unum in 1976, will remain actively involved at the company until his retirement, both in transitioning his operating responsibilities and increasing his involvement in several strategic initiatives under way at the company.
“As we have built management depth and succession plans throughout the company, and with Kevin giving us advance notice of his intentions, we have the time needed to transition his responsibilities to Mike and others without disrupting our business performance,” added Watjen.
As COO of Unum US, Simonds is currently responsible for marketing, product development, underwriting, sales, service and benefit operations. He holds a bachelor’s degree from Bowdoin College and a master’s of business administration from Harvard Business School. He originally joined Unum in 1994 and has held various positions in finance, marketing and sales. After leaving Unum to pursue his MBA, he joined McKinsey & Company as a consultant before returning to Unum in 2003.
“Mike has a proven track record of success in a variety of leadership positions, and I’m confident Unum US will continue to be in great hands under his guidance,” said Watjen. “His deep understanding of our business and his talent for developing people have made him an invaluable member of our senior leadership team.”
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Last Update on August 27, 2014 07:28 GMT
LOS ANGELES (AP) -- West Coast dockworkers and their employers say they have reached a tentative agreement on the difficult issue of health care, a major hurdle in contract negotiations at the ports that are vital to U.S. trade.
In a joint statement Tuesday announcing the tentative deal, the International Longshore and Warehouse Union and an association representing shipping lines said it depended on resolving other issues.
It also emphasized the union's demand that benefits be maintained at current levels.
Past labor disputes on the waterfront have cost the economy billions of dollars.
The current contract negotiations have focused on health care benefits since before the contract expired on July 1.
While workers have continued to move cargo, concern over the union's ability to shut the docks has rippled through the U.S. supply chain.
WASHINGTON (AP) -- Home prices across the country increased at a slower pace in June -- a cool-down that could last for several more months.
The Standard & Poor's/Case-Shiller 20-city home price index rose 8.1 percent in June from 12 months earlier, according to a report released Tuesday. That's down from 9.4 percent rise a month earlier and the smallest annual gain since December 2012.
Yearly price growth weakened in all 20 cities surveyed. Home values in Cleveland nudged up just 0.8 percent. Las Vegas led with a 15.2 percent gain. But prices in Las Vegas, Phoenix, Miami and Tampa, Florida, are still at least 33 percent below their housing bubble peaks of almost a decade ago.
The deceleration should help ease some of the price pressures on would-be buyers. After slumping at the start of 2014, existing-home sales have picked up as price gains have slowed. But buying remains 4.3 percent below the July 2013 level, according to the National Realtors Association.
DETROIT (AP) -- General Motors and government officials are expected later today to jointly announce new vehicles and jobs at a large GM factory complex in Spring Hill, Tennessee.
An announcement is scheduled for this morning at the plant, which is likely to get new Cadillac and GMC crossover SUVs in addition to its current product, the Chevrolet Equinox.
Neither GM nor Gov. Bill Haslam's office would comment ahead of the announcement. But the state said in a July 11 news release that a nearby company was expanding to make parts for new GMC and Cadillac vehicles at Spring Hill.
ABC Group plans to invest $25.5 million in its Gallatin, Tennessee, plant, adding 180,000 square feet and creating 230 jobs. The expansion will increase capacity to build consoles, interior trim and floors for new GMC and Cadillac vehicles to be made at Spring Hill, said the news release from the state Department of Economic and Community Development.
ATLANTIC CITY, N.J. (AP) -- Atlantic City is planning to offer additional job training as three casinos prepare to shut down over the next few weeks, putting thousands of workers on the street.
During a conference call with national media on Tuesday to address the upcoming shutdowns this weekend of the Showboat and Revel, Mayor Don Guardian said an effort to provide employment training and identify opportunities for unemployed workers will begin by October. The effort will be funded by a $400,000 grant from the Casino Reinvestment Development Authority and is designed to help 1,200 workers a year.
Guardian says, quote, "Our hearts go out to our neighbors and friends."
Trump Plaza will close on Sept. 16. Nearly 8,000 workers will lose their jobs when the three casinos shut down.
WASHINGTON (AP) -- Economists appear to be of two minds about the Federal Reserve.
They agree with the Fed that the job market still isn't healthy. Yet the latest Associated Press survey of economists finds that most fear the Fed will wait too long to raise interest rates and thereby risk stoking inflation or creating asset bubbles.
The duality of their views underscores the perils of the Fed's policymaking. Most economists accept that there's still "significant" slack in the job market. By that they mean that millions of people -- the unemployed as well as part-time workers and people who've stopped looking for work and aren't counted as unemployed -- would likely take jobs or work more hours if they could.
Still, they're concerned that Janet Yellen's Fed won't raise rates soon enough.
The AP surveyed three dozen private, corporate and academic economists from Aug. 13 to19.
NEW YORK (AP) -- The director of market intelligence at an investor relations firm has been arrested on insider trading charges and accused of using drafts of press releases to illegally earn nearly a million dollars.
Prosecutors on Tuesday announced 13 securities fraud charges. They said 51-year-old Michael Lucarelli was a director at Manhattan-based Lippert/Heilshorn & Associates Inc. when he made the illegal trades over the last year.
Lucarelli, wearing a tank top, slacks and sandals, was released on $500,000 bail after an initial appearance in federal court in Manhattan.
His attorney, Oscar Michelen, said in court that his client pleads not guilty. Outside court, Michelen said he would not comment on the charges until he can investigate them and speak with Lucarelli.
WASHINGTON (AP) -- The Obama administration has picked a Connecticut official to run HealthCare.gov ahead of a second open enrollment season looming as a test of competence for the feds.
Kevin Counihan (KOO-ni-han) leads Access Health CT, a health insurance marketplace seen as a national model.
As CEO of the federal exchange, Counihan's challenge will be far bigger. Connecticut enrolled about 80,000 people, while more than 5 million signed up in the 36 states served by the federal marketplace.
Insurance exchanges offer subsidized private coverage to people who don't have workplace health plans.
The role of federal CEO is new, created by Health and Human Services Secretary Sylvia Mathews Burwell to avoid a repeat of last year's technical meltdown. Burwell also named Lori Lodes of the Center for American Progress as communications director.
FORT WORTH, Texas (AP) -- American Airlines and US Airways are pulling flight listings from Orbitz-run websites in a long-running dispute over fees that the travel company charges to list and sell the flights.
Shares of Orbitz Worldwide Inc. fell nearly 5 percent on Tuesday.
American said that it had already dropped its fares from Orbitz and that US Airways listings would be pulled on Monday.
Corporate customers of the airlines will still be able to book travel through Orbitz, but individuals will have to go to the airlines' websites or other travel agents, including online rivals of Orbitz such as Expedia Inc.
American's withdrawal extends to Orbitz's other websites, such as CheapTickets and European-based ebookers.com. However, those sites were still selling seats on American flights that were listed by American's so-called code-sharing partners, including British Airways and Japan Airlines.
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