SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 3, 1998
CNA Financial Corporation
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(Exact name of registrant as specified in its charter)
Delaware 1-5823 36-6169860
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(State of other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
CNA Plaza
Chicago, Illinois 60685
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 822-5000
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On December 3, 1998, CNA Financial Corporation (the "Company") announced a
senior management succession plan under which Dennis H. Chookaszian will become
Chairman of the Executive Committee of the Company's Board of Directors and that
effective March 31, 1999, Bernard L. Hengesbaugh, currently Executive Vice
President and Chief Operating Officer of the Company's insurance subsidiaries
("CNA"), will succeed Mr. Chookaszian as Chairman and Chief Executive Officer of
CNA. The press release dated December 3, 1998 attached hereto as Exhibit 99.1 is
incorporated herein by reference.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: December 3, 1998 CNA FINANCIAL CORPORATION
By: S/JONATHAN D. KANTOR
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Jonathan D. Kantor
Senior Vice President, General Counsel
and Secretary
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EXHIBIT INDEX
Exhibit
Number Description
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99.1 Press Release dated December 3, 1998
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Exhibit 99.1
CNA
CNA Plaza
Chicago, IL 60685
MEDIA:
Clark Walter
312-822-1454
ANALYSTS:
Deborah Kamp
312-822-7752
CNA
FOR ALL THE COMMITMENTS YOU MAKE R
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NEWS
FOR IMMEDIATE RELEASE
CNA ANNOUNCES SENIOR MANAGEMENT SUCCESSION PLAN
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Bernard Hengesbaugh to Succeed Dennis Chookaszian as Chairman and CEO of CNA
March 31, 1999
CHICAGO, December 3, 1998 -- Dennis H. Chookaszian, chairman and chief executive
officer of CNA (NYSE: CNA), announced today a senior management succession plan
under which he will become chairman of the Executive Committee of the CNA
Financial Corporation Board of Directors on March 31, 1999, and that Bernard L.
Hengesbaugh, CNA executive vice president and chief operating officer, will
succeed him as chairman and CEO.
In making the announcement, Mr. Chookaszian said, "For the past 23 years, I have
devoted 100 percent of my energies towards helping to build CNA into the premier
multiline insurance company it is today. I am very proud of the record we have
achieved and have great confidence in the organization's future.
"This has been one of the greatest experiences of my life," said Mr.
Chookaszian. "I look forward to seeing the company become even stronger in the
future. "
Fortunately, CNA has a deep bench from which to choose. And, I can think of no
one more qualified to lead CNA into the next millennium than Bernie
Hengesbaugh," said Mr. Chookaszian.
Mr. Chookaszian said, "I plan to work with Bernie to ensure a smooth and orderly
transition. But, in my opinion, he is already prepared to both lead and handle
all the challenges and opportunities that lie ahead for the organization.
"Bernie and I have been close colleagues for 28 years. Earlier this year, I
appointed him to head all of CNA's insurance operations. I have been impressed
with his judgment and management skills. He is the right person for the job and
I have full confidence that he will successfully lead CNA into the future."
Mr. Hengesbaugh said, "CNA is one of the truly great insurance companies in the
United States. I look forward to working in close collaboration with all my
talented colleagues at CNA towards winning in the marketplace and achieving our
full business potential."
Edward J. Noha, chairman of the Board of Directors of CNA Financial Corporation,
said of Mr. Hengesbaugh that, "We are very pleased about Bernie's appointment as
chief executive officer. He
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knows CNA extremely well. He has impressed this organization, as well as the
agents and brokers who represent us in the marketplace, with his leadership,
industry knowledge and organizational capabilities. We all look forward to
working with him in his new role."
Mr. Noha concluded by saying that, "The Board joins me in recognizing Dennis
Chookaszian for his years of hard work, dedication and the many contributions he
has made to the organization. He is a talented and energetic executive. We look
forward to his continued counsel."
Mr.Hengesbaugh has been with CNA for 18 years. As executive vice president and
chief operating officer, he has been directly responsible for CNA's eight
operating departments: Reinsurance, Commercial, Risk Management, Personal
Insurance, Life, Group, Specialty and Global Operations. Prior to that, Mr.
Hengesbaugh served as President and Chief Operating Officer for CNA's Specialty
Operations Department. Mr. Hengesbaugh joined CNA in 1980 as vice president of
the corporate accounting division in the Financial Services Department. From
1984 to 1990, Mr. Hengesbaugh served as vice president and Controller for CNA's
Field Operations Department.
During that time, his field responsibilities were expanded to include the
individual life and personal lines processing centers and individual health
operations. Prior to joining CNA, Mr. Hengesbaugh was a partner with Deloitte &
Touche (formerly Touche Ross & Co.).
Mr. Hengesbaugh is a Certified Public Accountant and is a member of the American
Institute of Certified Public Accountants. He is Chairman of the Board of Joint
Commission Resources, Inc.; a member of the Board of Directors of the Joint
Commission on Accreditation of Healthcare Organizations; and a member of the
Board of the Foundation for Health Enhancement. Mr. Hengesbaugh earned a
Master's degree in Business Administration from Indiana University and a
Bachelor of Science degree from St. Joseph's College.
Headquartered in Chicago, CNA is among the top 10 U.S. insurance groups based on
1997 revenues of approximately $17 billion. CNA is a leading multiline insurer,
serving individuals and businesses with a broad range of insurance products and
insurance-related services.
CNA products and services are marketed through multiple distribution channels,
including independent agents, brokers, general agents and direct sales. Since
1897, CNA has built on a foundation of financial strength, stability and
commitment to customers and business partners. CNA is the registered service
mark and trade name of CNA Financial Corporation.
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