Colonial Life’s parent company gets new CEO

The parent company of Colonial Life insurance company announced the retirement of its chief executive officer Thursday and the selection of Richard P. McKenney to replace Thomas R. Watjen.

Watjen becomes the chairman of the board of directors for a two-year term, Unum Group said in a news release after the company’s shareholder meeting in Chattanooga, Tenn.

Former board Chairman William J. Ryan thanked Watjen for his service. “His strategic insight and commitment to excellence has not only produced steadily improving operating results and shareholder returns under challenging conditions, but also built Unum into a clear industry leader,” Ryan said.

McKenney said, “We will continue the momentum of Tom’s work (and) stay true to the principles that have gotten us where we are today.”

Last year, Unum paid $6.7 billion in benefits to workers and their families, the company said. Earnings per share grew for the ninth consecutive year and total return on equity across all business lines was 11.4 percent.

Unum’s primary business is in the United Kingdom but it also serves clients in the U.S.

This story was originally published May 21, 2015 at 10:06 PM with the headline "Colonial Life’s parent company gets new CEO."