Chairman, CFO Step Down at Conseco

Stephen C. Hilbert gave in to investor pressure and stepped down as Conseco Inc.’s chairman and chief executive. The struggling insurer reported a 64% drop in earnings. Chief Financial Officer Rollin Dick also resigned. Hilbert, who founded Conseco in 1979, and Dick are defendants in more than a dozen shareholder lawsuits against the company, whose stock has fallen about 90% since it acquired mobile-home lender Green Tree Financial Corp. two years ago. Last month, Conseco said it would take a $350-million charge against 1999 earnings and try to sell Green Tree, now called Conseco Finance Corp., because of its drain on earnings. Shares in Carmel, Ind.-based Conseco fell $1.38 to close at $5.63 on the New York Stock Exchange.