UnumProvident Corp fired Harold Chandler as chairman, chief executive and president as part of an effort to restore investor confidence in the company, which recently said it would reduce earnings by $29.1 million for 2000, 2001 and 2002 to resolve concerns of the Securities and Exchange Commission related to its investments disclosures.

“By this action, the board is reaffirming its commitment to further strengthen the company’s financial position, improve the consistency of its performance, and restore investor confidence,” the company said in a statement.

The stock price rose slightly on news of Chandler’s removal.

UnumProvident continues to face hundreds of lawsuits from policyholders who charge their claims were routinely denied.

(via The Associated Press)