State Farm Suspends Sales Of Phoenix ...

State Farm Suspends Sales Of Phoenix Cos. Products

There are 21 comments on the Hartford Courant story from Mar 4, 2009, titled State Farm Suspends Sales Of Phoenix Cos. Products. In it, Hartford Courant reports that:

The already struggling Phoenix Cos. sustained a stinging blow Wednesday as State Farm - the company it depends on for a big chunk of business - suspended sales of Phoenix insurance policies and annuities.

Join the discussion below, or Read more at Hartford Courant.

First Prev
of 2
Next Last
Think about it

Enfield, CT

#1 Mar 5, 2009
bubye... 38% percent of deposits 90% of new business
Kenny

AOL

#2 Mar 5, 2009
The market capitilization of the Phoenix is about $53 million at a 44 cents share price. I would suspect the Boat Building is worth more than that. What does that tell you? Dona Young is a poster child for the "Emperors with no Cloths" who destroyed America.
Bill

Milford, CT

#3 Mar 5, 2009
Damn. Let the next round of layoffs begin. This really stinks. They should consider suspending executive bonuses instead of layoffs.
Laura

Plantsville, CT

#4 Mar 5, 2009
There was a time not so long ago when this franchise still had some modest value. The stock sold near $14 within the past year, now it's roughly 3% of that. Management at PNX has much to answer for. The wealth that has been destroyed through their greed and incompetence is staggering. They make Sisti & Googel look like pikers. I hope Mrs. Young and the rest can live with themselves.
slick

Deep River, CT

#5 Mar 5, 2009
She has to be the most incompetent leader we have seen in a while...this once proud hartford based company is in the dumps...if it gets taken over and management gets golden parachutes that is simply wrong.
Phoenix Back To Ashes

Manchester, CT

#6 Mar 5, 2009
These are the real culprits in this fiasco...the Board of Directors, who have tolerated the obvious ineptness of management. If you know them, be sure to acknowledge their role in supporting the destruction of this firm and the loss of hundreds of jobs.

Sal H. Alfiero
Former Chairman and Chief Executive Officer
Protective Industries, LLC

Martin N. Baily
Senior Fellow
Institute for International Economics

Jean S. Blackwell, Esq.
Executive Vice President, Chief Financial Officer and Chief of Staff
Cummins Inc.

Peter C. Browning
Former Dean
The McColl Graduate School of Business
Queens University of Charlotte

Arthur P. Byrne
Operating Partner
JW Childs Associates

Sanford Cloud, Jr.
Chairman and Chief Executive Officer
The Cloud Company, LLC

Gordon J. Davis, Esq
Partner
Dewey & LeBoeuf LLP

John H. Forsgren, Jr.
Former Vice Chairman, Executive Vice President and CFO, Northeast Utilities

Ann Maynard Gray
Former President
Diversified Publishing Group of Capital Cities/ABC, Inc.

John E. Haire
Former Executive Vice President
Time, Inc.

Jerry J. Jasinowski
President
Manufacturing Institute

Thomas S. Johnson
Retired Chairman and Chief Executive Officer
GreenPoint Financial Corporation

Augustus K. Oliver
Principal
Oliver Press Partners, LLC

Arthur F. Weinbach
Chairman of the Board
Broadridge Financial Solutions, Inc.

Dona D. Young
Chairman, President and Chief Executive Officer
The Phoenix Companies, Inc.
LeanEvent

Fitchburg, MA

#7 Mar 5, 2009
Market cap is about equal to DY's parachute, how is that payment going to work? Just transfer the boat building to her? Good thing they got rid of asset management, stock may be at 20 cents. Feel bad for employees that are left.
ccc

Enfield, CT

#8 Mar 5, 2009
well, good by Phoenix. It was nice knowing you. It was where I got my start in the industry and this whench Dona Young has virtually ruined the company. They should have found a competent individual to run this company a long time ago.
Laura

Plantsville, CT

#9 Mar 5, 2009
I don't believe this...14 outside directors? A company this size should have about five. Hell, another few cents' deterioration in the stock price and they'll be paying more in directors fees and expenses than the whole company is worth. This is an absolute disgrace, and the employees and small investors who have borne the brunt of this incredible excess deserve to be irate.
Phoenix Employee

East Windsor, CT

#10 Mar 5, 2009
Throw us a life raft. The death watch is on.
stanley

East Hampton, CT

#11 Mar 5, 2009
LeanEvent wrote:
Market cap is about equal to DY's parachute, how is that payment going to work? Just transfer the boat building to her? Good thing they got rid of asset management, stock may be at 20 cents. Feel bad for employees that are left.
She'll build an addittion on her Wood Pons estate. What a disaster, she is. Dona should have been replaced years ago.]
Mike

AOL

#12 Mar 5, 2009
Mayor Eddie Perez is already looking for the state to buy the Boat Building. Does Phoenix even own the building? I am sure Dona Young feels sorry for you little people.
Nick

Farmington, CT

#13 Mar 5, 2009
I have no doubt that the board of directors will all receive 7 figure bonuses as reward for their failure.These "people" should be sterilized to prevent them from breeding a future generation of mentally inferior and morally bankrupt individuals.
Old Saybrook resident

Boca Raton, FL

#14 Mar 5, 2009
As a retiree of Phoenix, what happens to my pension?
Waldo 313

Marietta, GA

#15 Mar 5, 2009
Bye, bye Phoenix! Bye, bye Donna! As with your predecessor, make sure you grab a handful on the way out.
Steve

Fort Lauderdale, FL

#16 Mar 5, 2009
This started long ago when a person named Gummere was chosen CEO. Neither he nor the board ever put him better than evp...but the best people died. John was weak and was dominated by a guy named Fiondella. Bob would have made the Sopranos look like childish. Bob slowly got John to remove all of Bob's competition. John ended up with Bob's future staff ...ala Dona Young. John retires and Bob is CEO. Bob demutualizes and walks out with 22mil. and the others, Chadburn and company, walk out with 20 mil. Dona takes over and recruits some talent but never has time to talk to them. They all leave. Dona's latest plan: get client companies. Why would anyone want to private label any product from a company that is facing imminent demise?
People like Jackson, Erickson and Stone are rolling over in there graves. It took 20 something years but Gummere, Fiondella and Young finally took the good boat down.

Since: Jan 08

Location hidden

#17 Mar 5, 2009
Phoenix Employee wrote:
Throw us a life raft. The death watch is on.
You people are on your own. Hold your executives accountable... my life raft is for immediate family only...
Think about it

Enfield, CT

#18 Mar 5, 2009
Old Saybrook resident wrote:
As a retiree of Phoenix, what happens to my pension?
Didnt you get the "letter from PNX" Nothing like a company sending out a letter to retiree's promising they are "secure, and finacially stable" Classic
Laura

Winsted, CT

#19 Mar 5, 2009
Steve wrote:
This started long ago when a person named Gummere was chosen CEO. Neither he nor the board ever put him better than evp...but the best people died. John was weak and was dominated by a guy named Fiondella. Bob would have made the Sopranos look like childish. Bob slowly got John to remove all of Bob's competition. John ended up with Bob's future staff ...ala Dona Young. John retires and Bob is CEO. Bob demutualizes and walks out with 22mil. and the others, Chadburn and company, walk out with 20 mil. Dona takes over and recruits some talent but never has time to talk to them. They all leave. Dona's latest plan: get client companies. Why would anyone want to private label any product from a company that is facing imminent demise?
People like Jackson, Erickson and Stone are rolling over in there graves. It took 20 something years but Gummere, Fiondella and Young finally took the good boat down.
Steve,
Sounds like you personally lived this story -- and it is a chilling tale of incompetence, cynicism and greed. Fiondella, Young and the lapdogs on the Board deserve to be sued so hard and so often that they spend the next twenty years in depositions.
Former employee

Hamilton, Bermuda

#20 Mar 5, 2009
I, like many others, left when Dona's narcissism became unbearable. She surrounds herself with sycophants. When she relies on people who are incompetent, but adore her, it's no surprise what has happened. Shame on her and the board!

Tell me when this thread is updated:

Subscribe Now Add to my Tracker
First Prev
of 2
Next Last

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Phoenix Companies Discussions

Title Updated Last By Comments
News What To Do When Life Or Health Insurance Compan... (Apr '09) Apr '09 Wait 34
News The Phoenix Companies Inc.'s Troubles Worsen (Mar '09) Mar '09 Reply 2 _Karesh P... 22
News Phoenix's CEO Stepping Down As Insurer Battles ... (Mar '09) Mar '09 Get real 35
News CEO Words Don't Provide Comfort (Mar '09) Mar '09 Ernest Rankin 3
News Phoenix Companies Remain Healthy (Mar '09) Mar '09 Catholic Observer 5
News Good Move, NU (Sep '08) Sep '08 Bob Cobb 3
News Phoenix, Shareholder Settle Board Of Directors ... (Apr '08) Apr '08 KRT 2
More from around the web