Lincoln National CEO steps down

Jon A. Boscia, chairman and chief executive of Lincoln National Corp., is stepping down, the Philadelphia-based life insurance company announced after the markets closed today.

In a statement, Lincoln said its board had named chief operating officer Dennis R. Glass as the new CEO, and long-time director J. Patrick Barrett as chairman.

Glass, 57, is the former chief exective of Jefferson-Pilot Corp. which Lincoln acquired in April 2006 for $7.5 billion.

While Glass and Barrett will assume the new posts immediately, Boscia will assist them until his retirement Sept. 1, the statement said.

Boscia, 55, became Lincoln's CEO in 1998 and led the company through the acquisition of then-rival Jefferson-Pilot, of Greensboro, N.C.

Before the announcement, Lincoln shares had closed up 61 cents, to $71.04 on the New York Stock Exchange.

Lincoln National Corp. uses the marketing name Lincoln Financial Group, which had assets under management of $237 billion as of March 31.