Third Point seeks to change board, leadership of Phoenix Cos.

By Lisa Kerner

Charlotte, N.C., July 11 - Phoenix Cos. Inc. investor Third Point LLC said it doesn't support the company's chairman and chief executive officer, Dona Young, or the current direction set by the board of directors.

In addition, Third Point does not intend to support Young's re-election to the board, scheduled for 2010, or any director who approves, regardless of the terms, the renewal of Young's employment agreement, which expires Dec. 31.

According to a schedule 13D filed with the Securities and Exchange Commission, Third Point believes the board should hold Young accountable for Phoenix Cos. underperformance and seek new leadership.

Third Point noted it will support the re-election of any board members who support combining Phoenix's operations with those of another insurance company.

The investor beneficially owns 7.75 million shares, or 6.8%, of the Hartford, Conn., insurance company.

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