CARMEL, Ind. -- Insurance holding company CNO Financial Group Inc. on Monday said its chairman is retiring and will step down at its annual meeting on May 12.

R. Glenn Hilliard, 68, who has held the chairman's title since September 2003, said he will not seek re-election at the meeting. He will remain in the position until the meeting. The former chairman and CEO of ING Americas has been chairman and chief executive officer of Hilliard Group LLC, an investment and consulting firm, since 2003.

The CNO board expects to select Neal C. Schneider as chairman at the meeting. Schneider, 66, has been a director since 2003 and chairs the board's audit committee. He retired in 2000 as partner in the consulting practice of Arthur Anderson, after 34 years with the company. Schneider served as chairman of the board of PMA Capital Corporation from 2003 to 2010.

The board said directors Donna A. James, Debra J. Perry and David K. Zwiener also will not seek re-election as directors of CNO. James, 54, a director since 2007, and Perry, 59, on the board since 2004, are not seeking re-election due to other commitments. They are the only two women on the 10-member board.

Zwiener, a director since 2010, started a new investment fund concentrating on the insurance industry.

CNO said it is evaluating candidates for the open positions. The Carmel-based company is the parent of Bankers Life, Washington National and Colonial Penn insurance companies.

Shares of CNO fell 4 cents to close Monday at $7.22.