Richard McKenney

Richard McKenney
Born 1969 (age 46–47)[1]
Residence Chattanooga, Tennessee
Nationality American
Other names Rick McKenney
Alma mater Tufts University (B.S. 1991)
Occupation Business executive
Years active 1991-present
Employer Unum Group (CEO)
Home town Eliot, Maine
Board member of Financial Services Roundtable, American Council of Life Insurers, Unum Group
Awards 2006: Treasury and Risk 40 Under 40 - Finance Executives[2]
Website McKenney on LinkedIn

Richard "Rick" McKenney (born 1969)[1] is an American business executive known for his positions in the insurance industry.[3][4][5] Starting his career in management and finances at General Electric (GE) in 1991, in 1996 he joined GE Financial, holding roles such as[2] chief financial officer (CFO) of the GE Financial Assurance unit[1] among others.[6] He was involved in the initial public offering (IPO) of the GE spinoff company Genworth International in 2003 and 2004,[2] and in 2004 he became Genworth's CFO and senior vice president.[2] Later that year Treasury and Risk named him to their 40 Under 40 list of finance executives.[2] Sun Life Financial hired him in 2006 as their executive vice president[7] and CFO.[5][5] In 2009 McKenney became CFO[8] and executive vice president of Unum Group,[9] a disability insurance carrier based in Chattanooga, Tennessee.[4] Unum Group named him chief executive officer (CEO) and president in 2015.[1][3][4] As of 2016, he serves on the Financial Services Roundtable[10] and is on the board of the American Council of Life Insurers.[11]

Early life and education

Richard P. McKenney was born in 1969[12] in Eliot, Maine, where he spent his childhood.[4] He attended Tufts University in Massachusetts,[5][8] graduating summa cum laude[1][9] in 1991[6][13] with a bachelor of science degree (BS) in mechanical engineering.[5][8]

Business career

General Electric roles (1991-2002)

McKenney started his business career with General Electric (GE)[1][2] in June 1991,[6] when he joined GE's manufacturing management program.[9] He recollects that he focused more on the "management portion of the program" than on manufacturing.[2] In July 1993 he left the program[6] to join GE’s corporate audit team, where he remained until October 1996.[6] In September 1996[14] McKenney joined GE Financial[2] as a GE financial assurance finance manager in the Richmond, Virginia area.[14] From October 1996 until April 1998,[6] he was a manager of financial planning and analysis for GE Financial.[2] In April 1998 he was promoted to chief financial officer (CFO) of GE Financial's retirement income and investments unit,[2] GE Life & Annuity Assurance Company. He retained the role until May 2000.[6] Moving for several months to GE's corporate headquarters for the role,[2] from May 2000 until October 2002 he served as GEFAHI's vice president of business planning and analysis.[6] In December 2002[6] he became the CFO of GE Financial Assurance,[1] as well as its senior vice president.[6]

Genworth IPO and roles (2003-2006)

See also: Genworth

In November 2003, "GE announced its plan to spin off the insurance businesses" into a new company named Genworth International.[2] McKenney was part of the team that prepared the unit for an initial public offering (IPO),[1] and among other roles he was charged with investor relations for Genworth before the IPO, communicating with ratings agencies on the structure of the new company.[2] The IPO was filed by GE in January 2004 to create Genworth[2] out of GE Financial Assurance.[12] Several weeks later, Genworth sold $1.9 billion of bonds to pay off a bridge loan.[2] McKenney retained his role as a GE financial assurance finance manager until April 2004.[14]

He became the CFO of the newly formed Genworth Financial[1] in April 2004 in Richmond, Virginia.[14] The new company contained "the life and mortgage insurance businesses that made up its predecessor, GE Financial."[2] By November 1, 2004, McKenney was serving as both Genworth's CFO and its senior vice president.[2] That month Treasury and Risk named him to their 40 Under 40 list of finance executives.[2] He represented Genworth at the Wachovia Securities Nantucket Equity Conference as a presenter in June 2006,[15] and remained CFO until that August.[14]

CFO of Sun Life Financial (2006-2009)

In September 2006 the financial services company Sun Life Financial hired him as their immediate executive VP[7] and future CFO.[5][5] At the time, Sun Life Financial had total assets under management of around CDN$436 billion.[12] McKenney moved to Toronto to be near the headquarters of the company,[1] which is also termed the Sun Life Assurance Company of Canada.[6] He became executive VP of Sun Life Financial Asia in September 2006, on top of his other roles.[6]

During his first months as Sun Life executive VP, McKenney worked closely with Sun Life CFO Paul Derksen[7] and headed Sun Life's "enterprise-wide financial, actuarial, risk management, asset and liability management, capital management, taxation, planning, mergers and acquisitions, and investor relations functions."[5][12] In January 2007, it was announced that Sun Life was purchasing Genworth's benefits unit for $650 million.[7] While retaining his executive VP role,[6] McKenney officially became Sun Life's CFO on February 28, 2007,[12] when Paul Dersken retired from the role.[7] Also at that time, he became CFO of Sun Life Hong Kong Limited.[6] He remained Sun Life CFO and executive VP until July 1, 2009.[6]

Unum Group CFO and CEO (2009-2015)

See also: Unum

In July[14] 2009, McKenney became the CFO[8] and executive vice president of Unum,[9] a disability insurance carrier based in Chattanooga, Tennessee.[4] Reporting to Unum CEO Thomas Watjen,[9] as CFO he was responsible for "overall financial management of the company, including financial reporting, treasury and capital management, strategic planning and M&A, investments, financial planning, investor relations and enterprise risk management."[1] By early 2015 he was serving as chairman of Unum’s operating committee, "which oversees the company’s business operations throughout the U.S. and U.K."[1] On April 1, 2015[3][8] Unum's board of directors named McKenney[1] as Unum's president,[1] with former president Thomas Watjen retiring.[1][4] Also on April 1,[1] and Jack McGarry succeeded him as CFO.[1][4][8] Along with his role as president, he was named CEO of Unum in May 2015,[1][4] replacing the retiring Thomas Watjen.[3][16] At the time, Unum had around 10,000 employees worldwide.[4]

Recent developments (2015-2016)

Although earnings were lower than the year prior, in July 2015 McKenney reported that Unum's quarterly financial results "remained solid"[17] and that revenue was up in the United States[17] and in Unum's core segments.[17] In February 2016, he reported net income growth and "favorable growth trends in our core business lines and stable benefits experience."[18] After several quarters of positive financial results, in May 2016 McKenney asserted at the annual Unum shareholders meeting that the company was poised to expand,[19] and that Unum "greatly outperformed competitors in its industry, employee disability and life insurance." [19] In July 2016, Unum Group announced higher second quarter net income than the year prior, with McKenney stating that the "very strong" results were "reflecting the ongoing operating performance of our business segments."[20] The following month, McKenney oversaw Unum's acquisition of Starmount Life Insurance.[21] Apart from his roles with Unum, McKenney is also a Provident Life & Accident Insurance Co trustee,[13] as well as an executive VP.[13]

Boards and memberships

On the Unum Group board of directors since 2015,[22] as of early 2016 McKenney was serving on the Financial Services Roundtable, which "represents financial services companies that provide banking, insurance, payment and investment products and services."[10] He is on the board of the Financial Services Roundtable as well,[23] and is furthermore on the board of the American Council of Life Insurers.[11]

Personal life

McKenney and his wife Pam have three children together.[1] In 2009 he relocated to Chattanooga, Tennessee,[9] where he currently lives[4] with his family.[1]

Accolades

Year Publication Category Result
2006 Treasury and Risk 40 Under 40 - Finance Executives[2] Short-listed

See also

References

  1. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 "Unum Announces Richard McKenney As New CEO As Thomas Watjen Retires". The Chattanoogan. February 3, 2015. Retrieved 2016-11-17.
  2. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Labate, John (November 1, 2004). "40 Under 40". Treasury and Risk. Retrieved 2016-11-17.
  3. 1 2 3 4 Kester, John (February 4, 2015). "CFO Moves: Brown Shoe Company, Unum Group, Sorrento Therapeutics". Wall Street Journal. Retrieved 2016-11-17.
  4. 1 2 3 4 5 6 7 8 9 10 Anderson, J. Craig (February 3, 2015). "Maine native named to top job at Unum". Portland Press Herald. Retrieved 2016-11-17.
  5. 1 2 3 4 5 6 7 8 "Sun Life hires new CFO". Investment Executive. August 24, 2006. Retrieved 2016-11-17.
  6. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 "Richard McKenney". Bloomberg. Retrieved 2016-11-17.
  7. 1 2 3 4 5 Kingsbury, Kevin (January 11, 2007). "Genworth to Sell Benefits Unit To Sun Life for $650 Million". The Wall Street Journal. Retrieved 2016-11-17.
  8. 1 2 3 4 5 6 Bell, Allison (February 3, 2015). "McKenney to succeed Watjen as Unum takes LTCI charge". lifehealthpro. Retrieved 2016-11-17.
  9. 1 2 3 4 5 6 "Unum Names Richard McKenney CFO". Unum Group. June 22, 2009. Retrieved 2016-11-17.
  10. 1 2 "MasterCard CEO To Chair Financial Services Roundtable". Financial Advisor. January 7, 2016. Retrieved 2016-11-17.
  11. 1 2 "Board of Directors" (PDF). American Council of Life Insurers. October 21, 2016. Retrieved 2016-11-18.
  12. 1 2 3 4 5 "Richard McKenney appointed Sun Life Financial's Chief Financial Officer". Sun Life. February 28, 2007. Retrieved 2016-11-17.
  13. 1 2 3 "Richard McKenney". Bloomberg. Retrieved 2016-11-17.
  14. 1 2 3 4 5 6 "Richard McKenney". LinkedIn. Retrieved 2016-11-17.
  15. ↑ "Genworth Financial CFO Richard McKenney to Speak at Wachovia Securities Conference". Genworth. June 15, 2016. Retrieved 2016-11-17.
  16. ↑ Basak, Sonali (February 26, 2015). "Ex-Fidelity $1.9 Trillion Fund Manager O'Hanley Joins Unum Board". Bloomberg. Retrieved 2016-11-17.
  17. 1 2 3 "Unum earnings dip but premium income rises". Times Free Press. July 29, 2015. Retrieved 2016-11-17.
  18. ↑ Anderson, J. Craig (February 2, 2016). "Unum boosts quarterly revenue, beats earnings expectations". Portland Press Herald. Retrieved 2016-11-17.
  19. 1 2 Anderson, J. Craig (May 26, 2016). "Unum execs tout company's strong position at annual shareholder meeting in Portland". Press Herald. Retrieved 2016-11-17.
  20. ↑ Flessner, Dave (July 27, 2016). "Unum profits rise 10 percent in quarter". Times Free Press. Retrieved 2016-11-17.
  21. ↑ "Unum completes purchase of Louisiana-based Starmount Life". Unum press release. August 1, 2016. Retrieved 2016-11-17.
  22. ↑ "Richard McKenney". Unum Group. Retrieved 2016-11-28.
  23. ↑ "Board of Directors". Financial Services Roundtable. Retrieved 2016-11-18.

External links

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