CITIZENS, INC. (NYSE:CIA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
On March 27, 2019, Citizens,Inc. (“Citizens” or the “Company”) announced that Jeffery P. Conklin will serve as the Company’s interim Chief Financial Officer and Chief Investment Officer, in addition to his existing role as Vice President, Chief Accounting Officer and Treasurer, effective March 27, 2019, until a new Chief Financial Officer has been appointed. Mr. Conklin, 49, joined the Company in May 2017 and has served as Vice President, Chief Accounting Officer and Treasurer of the Company since September 2017. Prior to assuming his current position, Mr. Conklin served as Vice President, Chief Accounting Officer from May 2017 to September 2017. Mr. Conklin came to the Company with over 20 years of life insurance and financial reporting experience, having worked at American International Group, Inc. from 2004 to 2017 in various capacities, including Vice President of Financial Reporting and Vice President of Special Projects, and Zurich Life and Jackson National Life from 1997 to 2004 as Vice President of Strategic Business Unit Reporting and Manager of Financial Accounting.
In addition to Mr. Conklin’s salary for his existing role as Vice President, Chief Accounting Officer and Treasurer, he will receive an additional cash salary increase of $31,250 per month during the period in which he serves as Interim Chief Financial Officer and Chief Investment Officer. There are no family relationships between Mr. Conklin and any director or executive officer of the Company and he has no direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of Regulation S-K.
“Jeff Conklin is a diligent, thoughtful and trusted leader on both our financial and executive teams. Jeff hired great people around him to build Citizens’ financial planning and analysis functions, which were non-existent prior to his arrival in 2017. As we take the next steps to strengthen Citizens’ financial leadership, with Jeff at the helm as interim CFO, our progress will move forward with even stronger resolve,” expressed Geoff Kolander, the Company’s President and Chief Executive Officer.
Kay E. Osbourn will transition to the role of Head of Financial Reporting and step aside as the Company’s Executive Vice President, Chief Financial Officer, effective March 27, 2019. In connection with her change in roles, Ms. Osbourn’s base salary as Head of Financial Reporting will be $225,000 per year. There is no employment agreement in place with Ms. Osbourn.
About CITIZENS, INC. (NYSE:CIA)
Citizens, Inc. is an insurance holding company. The Company operates in three business segments: Life Insurance, Home Service and Other Non-Insurance Enterprises. The Life Insurance segment issues ordinary whole life insurance in the United States and in the United States Dollar-denominated amounts to foreign residents. It operates this segment through its subsidiaries, including CICA Life Insurance Company of America (CICA) and Citizens National Life Insurance Company (CNLIC). The Home Service segment sells limited-liability, named peril property policies covering dwelling and contents. Its home service insurance products consist of small face amount ordinary whole life and pre-need policies, which are designed to fund final expenses for the insured, primarily consisting of funeral and burial costs. The Other Non-insurance Enterprises segment includes Computing Technology, Inc. and Insurance Investors, Inc. This segment also includes the results of Citizens, Inc., the parent company.
