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Wednesday, November 14, 2007

Phoenix Raises Hofmann Through the Ranks

News summary by MFWire's editors

The Phoenix Companies has appointed Peter Hofmann as senior executive vice president and chief financial officer effective November 23. Hofmann will succeed Michael Haylon, who has resigned from the company. Hofmann will continue to be responsible for strategic planning, investor relations and rating agency relations. The firm also said that it has promoted David Pellerin to senior vice president and chief accounting officer, reporting to Hofmann.

The Phoenix Companies, Inc. (NYSE:PNX) today announced the promotion of Peter A. Hofmann to senior executive vice president and chief financial officer, effective November 23. He will continue to report to Dona D. Young, chairman, president and chief executive officer. Mr. Hofmann replaces Michael E. Haylon who has resigned from the company.

"Peter assumes responsibility for an efficient, well-run Corporate Finance function, led by Mike Haylon over the last four years, and I have confidence that Peter will continue to strengthen it even further," said Mrs. Young. "Peter has a unique depth of market, financial and industry knowledge and capabilities. He knows our numbers, our business and our strategy, which makes him a natural for this important and strategic position."

Mr. Hofmann, 48, will continue to be responsible for strategic planning, investor relations and rating agency relations. He joined Phoenix six years ago to establish the investor relations function and prepare the company for its demutualization and initial public offering. Prior to Phoenix, he was vice president, Investor Relations at JP Morgan Chase & Co. Inc. after managing financial communications at JP Morgan & Co. prior to its merger with Chase Manhattan. Earlier he was vice president, Global Bank Marketing at Chemical Banking Corporation and a senior analyst at Tocqueville Asset Management. He holds a bachelor of arts degree from Syracuse University and a master's of international affairs from Columbia University. He is a chartered financial analyst.

The company also announced that it had promoted David R. Pellerin to senior vice president and chief accounting officer, reporting to Mr. Hofmann.

Mr. Pellerin, 48, joined Phoenix in 1983 and over his almost 25-year career with the company has held numerous senior financial roles, including vice president, Corporate Finance, and vice president and chief financial officer of American Phoenix, a wholly owned property casualty brokerage subsidiary. For several years he managed the runoff of Phoenix's discontinued group accident, health reinsurance and international operations. He was named chief financial officer of the company's Asset Management business in 2006. Mr. Pellerin is a certified public accountant and holds a bachelor of science degree in business administration with a major in accounting from Bryant College.

"Clearly, today's announcement reflects the importance we place on developing our talent as well as our disciplined succession planning. Peter and Dave make an extraordinarily talented team," said Mrs. Young.

With roots dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) helps individuals and institutions solve their often highly complex personal financial and business planning needs through its broad array of life insurance, annuities and investments. The company's products and services reflect deep insights into the wants and needs of consumers and financial professionals gleaned from research, including its Phoenix Wealth Survey, conducted annually since 2000. Phoenix has been recognized for its people-friendly programs by Working Mother magazine, the National Association of Female Executives and The Princeton Review. In 2006, Phoenix had annual revenues of $2.6 billion and total assets of $29.0 billion. For more information, visit www.phoenixwm.com.  

Edited by: Erin Kello

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