CARMEL, Ind. - The insurance firm Conseco Inc. on Monday named David K. Herzog its executive vice president, general counsel, and secretary to succeed John Sabl, who is returning to private practice.
The company, whose shares have fallen 57% this year because of an ill-fated investment in consumer finance, said Mr. Herzog will join the company Sept. 1. Mr. Herzog is managing partner of the Indianapolis law firm of Baker & Daniels, where he has specialized in business and commercial litigation.
As general counsel, Mr. Herzog will have to deal with numerous shareholder lawsuits charging that Conseco management made false and misleading statements about the value of its consumer finance unit.
Under new chairman Gary Wendt, Conseco has been seeking to cut costs, reduce debt, and reinvigorate its management ranks.
Last month Mr. Wendt said Conseco would cut 2,000 jobs in its troubled finance unit and close a number of business lines in an effort to save $150 million a year.