Conseco Announces Layoffs

By Mike Corbin

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June 17, 2004

Conseco announced Thursday that it was laying off 300 employees.

The company said 200 full-time and 100 temporary workers would be let go effective Thursday..

The company says the cuts will now help make them more competitive. "We knew that expense cuts would come by reducing staff, but the primary driver was to really reorganize the business so that it made much more logical sense for our customers, said Jim Rosensteele, Conseco spokesman.

Conseco says workers are getting severance packages of a week or two for every year on the job. The company says more cuts may be on the way, but they're not sure if or when.

The cuts, which cover many different departments and levels, come nine months after Conseco emerged from bankruptcy. The company has been struggling for years, but now says it's regaining its financial footing.

"Our primary message is really aimed at the folks who remain with the company. We want them to understand that they've been selected really as the people who are going to play a role in our long-term future. We're gonna depend on them to really take the business to the next level, said Rosensteele.

Conseco employs 4,300 workers nationwide with 2,100 at the Carmel facility. The 300 layoffs account for eight percent of Conseco's Carmel workforce. Workers are taking the news hard.

"I'm not particularly happy, but you can't do anything about it. It's their decision, you know, what am I to do? Just go look for another job, said Howard Washington, a laid-off worker.


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