CNO’s Bonach to retire at year’s end

Ed Bonach, 63, CEO of Carmel-based CNO Financial Group Inc., will retire from that position at the end of the year.

The insurance holding company said its president, Gary Bhojwani, 49, will succeed Bonach, effective Jan. 1. Bhojwani will join CNO's board immediately.

Bonach has been with CNO since 2007, when he joined the company as chief financial officer. He was promoted to CEO in 2011.

The move follows several other highlevel leadership changes.

In March, the company announced it was replacing its senior vice president for marketing and communications, as well as the leaders of subsidiaries Colonial Penn Life Insurance Co. and Washington National Insurance Co.

Bonach, before joining CNO, was CFO at National Life Group. He also spent 23 years at Allianz Life Insurance Company of North America, where he held a variety of positions.

Bhojwani joined CNO in April 2016. Before that, he was CEO of GCB LLC, an insurance and financial services consulting company he founded. From 2012 to 2015, he was on the management board at Allianz SE and chairman of Allianz of America, Allianz Life Insurance Co. and Fireman's Fund Insurance Co.

Besides Colonial Penn and Washington National, CNO's subsidiaries include Bankers Life and Casualty Co. The company reported 2016 net income of $358.2 million and, as of December, had 3,400 full-time employees.

"It's been an incredible privilege and honor to serve this great company for over 10 years-with almost six years as its CEO-and work with the many talented leaders, associates and agents who successfully serve the needs of our customers every day," Bonach said in a written statement.

Bhojwani said he is "tremendously excited" about taking the top job.

"I strongly believe that CNO is uniquely qualified to meet the needs of the middleincome market, our people are extremely talented, and our future is bright."

The retirement announcement was made after the close of markets May 16. CNO's stock rose 15 cents on the day, to $21.45 per share.