The Phoenix shrinks board by four seats

The Phoenix Cos. Inc. said today four directors voluntarily resigned today so the Hartford insurer could shrink to an 11-member board, partly to cut expenses.

Phoenix Chairman Thomas S. Johnson said  the smaller board reflects last December's spinoff of asset manager Hartford-based Virtus Investment Partners Inc., shrinking Phoenix's size. It also is the impact, Johnson said, of recent New York insurance legislation on its principal insurance subsidiary, The Phoenix Life Insurance Co.

Over the years, the same directors have served on both the Phoenix and Phoenix Life boards. Phoenix Life amended its charter to reduce its minimum board size from 13 to 7.

The four departing directors are:

• Sal H. Alfiero, former chairman and chief executive officer of Protective Industries, LLC;
• Jean S. Blackwell, executive vice president of corporate responsibility for Cummins Inc.;
• Peter C. Browning, former dean of The McColl Graduate School of Business at Queens University of Charlotte; and
• John E. Haire, chairman and chief executive officer of Parade Publications.

In the wake of the resignations, director Arthur F. Weinbach was named chairman of the audit committee and one of the board's financial experts.

Sanford Cloud Jr. was named  chairman of the compensation committee.

As committee chairs, both men also become members of Phoenix's executive committee.