Protective Life Corporation (NYSE:PL) 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 Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On May31, 2017, the Board of Directors (the Board) of Protective
Life Corporation (the Company) elected John D. Johns (65),
currently the Companys Chairman and Chief Executive Officer, to
serve as the Executive Chairman of the Company, and elected
Richard J. Bielen (56) to serve as the President and Chief
Executive Officer of the Company. Mr.Bielen currently serves as
President and Chief Operating Officer of the Company. The
elections will be effective July1, 2017. Both Mr.Johns and
Mr.Bielen will continue to serve as members of the Board. As a
result of his election, Mr.Bielen will no longer serve as Chief
Operating Officer of the Company. The Board has not elected a new
Chief Operating Officer.
Mr.Bielen has been President and Chief Operating Officer of the
Company since January2016. From June2007 to January2016,
Mr.Bielen served as Vice Chairman and Chief Financial Officer of
the Company. From August2006 to June2007, Mr.Bielen served as
Executive Vice President, Chief Investment Officer, and Treasurer
of the Company. Mr.Bielen became a director of the Company on
February1, 2015. Mr.Bielen has been employed by the Company and
its subsidiaries since 1991.
In connection with the election to his new position, Mr.Bielens
annual salary will be increased to $750,000; his 2017 incentive
target bonus will be increased to $900,000; his 2017 long-term
incentive award opportunity will be increased to $1,925,000, with
the awards allocated among restricted units, performance units
and parent stock-based units at the same ratios awarded to him in
February2017; and he will be eligible to use the Company aircraft
for personal trips for up to 25 hours per year in accordance with
the Companys existing aircraft policy, as described in PartIII of
the Companys Annual Report on Form10-K for the year ended
December 31, 2016. There were no other changes to Mr.Bielens
employment arrangements in connection with his election, and
there were no changes to Mr.Johns employment arrangements in
connection with his election.
On June1, 2017, the Company issued a press release announcing the
elections of Mr.Johns and Mr.Bielen to their respective
positions, a copy of which is attached hereto as Exhibit99.1 and
incorporated herein by this reference.
Item 9.01. Financial Statements and
Exhibits.
(d) Exhibits
|
ExhibitNo. |
|
DescriptionofExhibit |
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99.1 |
Press Release dated June1, 2017 |
About Protective Life Corporation (NYSE:PL)
Protective Life Corporation is a holding company. The Company along with subsidiaries provides financial services in the United States through the production, distribution, and administration of insurance and investment products. The Company operates several operating segments, each distinguished by products, channels of distribution, and/or other strategic distinctions. The Company’s operating segments are Life Marketing, Acquisitions, Annuities, Stable Value Products, and Asset Protection. The Company has an additional segment referred to as Corporate and Other which consists of net investment income not assigned and expenses not attributable to the segments. This segment also includes earnings from several non-strategic or runoff lines of business, various investment-related transactions, the operations of small subsidiaries, and the repurchase of non-recourse funding obligations.
