Patrick Welch will resign from his position as chairman, president and CEO of the National Life Group, a cluster of financial services and insurance companies that includes the Sentinel Family of Mutual Funds. Welch is leaving the company to become president of CIGNA HealthCare.
National Life Groups board of directors has appointed one of its members, Thomas MacLeay, to lead the company while it searches for candidates to replace Welch. MacLeay, 52, has worked for National Life Group for 25 years, including five years as its president and COO.
Welch, 55, joined National Life as chairman and CEO in 1997. During Welchs five-year tenure, National Lifes assets have grown from roughly $1 billion to $13.2 billion.
Before joining the firm, he served as chairman and CEO of GNA Corp., an insurance and financial services company that is a subsidiary of General Electric Corp.