Unum Executive To Retire; Company Raises Dividend

PORTLAND, Maine -- Unum Group said Thursday that one of its top executives will depart the insurance company.

The company said that Kevin McCarthy, chief operating officer of the company and CEO of its Unum US operating unit, plans to retire in the first quarter of 2014. He is stepping down from his role as CEO of Unum US in July, while maintaining his position as chief operating officer of Unum Group.

Michael Simonds, currently chief operating officer of Unum US, will succeed McCarthy as CEO of that unit.

The company also announced Thursday, as part of its annual meeting, that it will increase its quarterly dividend by 11.5 percent. The new divided of 14.5 cents per share will take effect in the third quarter.

This is the fifth consecutive year in which Unum has raised its dividend.

Shares of the Portland, Maine-based company's shares fell 4 cents to $27.55 by midmorning, in line with broader market activity.