Gary Wendt has stepped down from his position as CEO of
Wendt joined Conseco in June 2000 to turn the company around and create a "new Conseco." The company dubbed the effort the "Conseco Restoration Plan." In 2000, he expressed unguarded optimism about the companys future potential, saying, "In 2000, Conseco is a turnaround stock; in 2001 it will be an EPS [earnings per share] stock."
Indeed, while Conseco celebrated the end of 2000 with Wendt stating in a memo, "We did battle; we survived; were positioned to thrive; and we like what we have to work with!" Nevertheless, the company faltered, reporting a net loss of $96.9 million for the first quarter of this year. Last quarter, the company reported a net loss of $1.3 billion.
The announcement of Wendts capitulation came 12 days before that deadline.
