Unum cutting 120 US jobs, including 30 in Portland

portrait of UNUM COO Mike Simonds in an office

Courtesy / Unum Mike Simonds is chief operating officer of Unum, which is looking to fill around 25 open positions in Portland as it makes cuts elsewhere.

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By Renee Cordes

Unum Group (NYSE: UNM), the disability insurer and group benefits provider with a large presence in Maine, is eliminating 120 jobs nationwide, including 30 in Portland, a company spokesperson told Mainebiz on Friday.

The job cuts are a small percentage of the total workforce for the company, which employs 10,000 people in the United States and more than 2,400 in Portland.

Though Unum did not issue a formal announcement, a spokesperson told Mainebiz that 25% of the positions being cut are officers with leadership roles, and are across the business and not in one specific department or function.

The company also underscored its commitment to Portland, where it has invested $42 million in renovations in the past few years at its campus near Portland International Jetport.

"These actions are not in response to the pandemic, but have been adjusted to it, as appropriate," said Unum spokeswoman Kelly Spencer.

She said the employees concerned have been notified this week and will receive continued benefits during the notice period and other forms of assistance to aid in their career transition.

Shares of Unum were little changed on Friday after release of the news, closing at $18.26, up 0.06% for the day. By late Monday morning, the stock was trading at around $17.20. Unum shares have a market value of roughly $3.72 billion.

The job cuts are part of an ongoing streamlining of corporate and business operations that started in early 2020.

In Portland, Unum named Mike Simonds to the newly created role of chief operating officer on February 1 as part of that process. He will continue in that role, the company said this week.

Besides Portland and its headquarters in Chattanooga, Tenn., Unum has offices in Columbia, S.C., and Baton Rouge, La., as well as 42 field offices across the country.

25 openings in Portland

On the hiring front, Unum has added 1,000 new positions in the past year to expand its workforce by 10%, and is currently looking to fill around 25 open positions in Portland.

On July 29, Unum reported second-quarter net income of $265.5 million, or $1.30 per diluted common share, down from $281.2 million and $1.23 per diluted common share in the same period a year earlier.

“In the middle of a very challenging environment our team executed well and we are proud of our responsiveness to our customers in this time of need. We also produced solid second-quarter financial results, with good operating profits and continued financial strength," Unum President and CEO Richard P. McKenney said at that time.

"As we look to the second half of the year there is still uncertainty to the path of the pandemic and its corresponding effects. We will continue to adapt to the changing landscape as we serve the needs of our customers," he added.

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