06.07.2007 20:30:00
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Lincoln Financial Group Announces Jon A. Boscia's Retirement
Lincoln Financial Group (NYSE: LNC) announced today that its Board of
Directors has elected long-time director J. Patrick Barrett Chairman of
the Board and named its current President and Chief Operating Officer,
Dennis R. Glass, Chief Executive Officer. Both appointments were made
after Jon A. Boscia informed the Board of his decision to step down from
these positions and to retire from the company.
Boscia will be available to assist Barrett and Glass until his
retirement from Lincoln Financial Group on September 1, 2007. Glass and
Barrett will assume their new responsibilities immediately.
Boscia said, "My decision to retire comes at
the right time for Lincoln Financial Group and for me. As the tenth
anniversary of my appointment as chief executive officer approaches, I
am proud to say that we have successfully -- and ahead of schedule --
met the milestones associated with the integration of Lincoln Financial
Group and Jefferson Pilot. I also am proud to say that Lincoln Financial
Group’s operations, financial condition and
long-term growth prospects are solid. With my complete confidence in
Dennis and our management team to guide Lincoln Financial Group going
forward, I concluded that a quick and complete transition is in the best
interest of the company.”
Barrett praised Boscia for his leadership, "Jon
moves on with our thanks and our high regard for his decade of service
as chief executive officer. Since becoming CEO in 1998, Jon has overseen
a period of impressive growth for Lincoln Financial Group. Thanks to Jon’s
leadership and vision, we have assembled a superb management team and
are well-positioned for the future.”
Barrett added, "Dennis has the experience,
skills and industry knowledge to ensure Lincoln’s
continued growth and long-term success. When the Board began the
planning process for an eventual successor for Jon last year, we knew we
wanted someone like Dennis: A seasoned veteran with an intimate
knowledge of Lincoln. He directed the successful integration of Lincoln
with Jefferson Pilot over the past year and partnered with Jon to craft
the company’s strategic vision while also
leading all of our core manufacturing and distribution operations. His
team’s success solidifies our position as a
premier provider of life insurance, annuity, retirement income security
and investment products and services.”
Glass said, "With our strong and deep
management team I am confident that Lincoln Financial Group will move
forward seamlessly, building on our strong market positions and
demonstrated record of performance. I am very optimistic about Lincoln
Financial Group's future.”
Lincoln will be reporting its earnings for the second quarter of 2007 on
July 31, 2007. Through today, the company has no material change to its
public guidance provided in connection with its first quarter, 2007
earnings release and subsequently.
Key executive bios are as follows:
DENNIS R. GLASS President and Chief Executive Officer Lincoln Financial Group
Dennis R. Glass is president and CEO of Lincoln Financial Group. He
serves on the Board of Directors for Lincoln National Corporation. He
also is president and serves on the Board for Lincoln Financial’s
principal insurance subsidiaries. Prior to this announcement he was
president and chief operating officer.
As president and COO, Glass was responsible for overseeing Lincoln
Financial’s primary manufacturing and
distribution businesses, including Employer Markets, Individual Markets,
Delaware Investment Management, Lincoln Financial Distributors, Lincoln
Financial Network and the Retirement Income Security Ventures Group.
Glass chairs the Investment Committee for the insurance entities’
general account portfolio. Previously, Glass served as president and
chief executive officer of Jefferson-Pilot Corporation, which merged
with Lincoln Financial in 2006.
Glass serves on the Board and is chairman-elect of the American Council
of Life Insurers (ACLI) and co chairs the ACLI’s
Committee on Principal-Based Reserving. Glass has served on other
industry boards and has been active in numerous charitable and civic
activities.
J. PATRICK BARRETT Chairman & Chief Executive Officer - CARPAT Investments
J. Patrick Barrett serves as chairman of the board of directors of
Lincoln National Corporation, as well as director of its New York
subsidiary, Lincoln Life & Annuity Company of New York, where he is
chairman of its Independent Directors Committee. He is chairman and
chief executive officer of CARPAT Investments, his private investment
company. In addition, he is chairman of Syracuse Executive Air Service,
Inc., an air charter service and fixed based operator, and chairman of
Bennington Ironworks in Vermont. He also is chairman of the board of the
Whiteface Club Companies.
Formerly he was chairman and chief executive officer of Avis, Inc., the
world’s second-largest car rental company.
While at Avis, he organized the buyout of the company from the Beatrice
Companies, and, subsequently, its sale to its employees, in what was
then the largest industrial Employee Stock Ownership Program in history.
Earlier in his business career, Barrett was executive vice president,
chief financial officer and a director of Norton Simon, Inc., a consumer
goods conglomerate whose properties included Avis, Hunt-Wesson, Max
Factor, Canada Dry and Somerset Importers.
He is a trustee emeritus of Syracuse University. In addition, he is a
member of the board of directors of Coyne International Enterprises
Corporation, Adirondack National Bank, and the Syracuse SkyChiefs
Baseball Club, Inc.
Lincoln Financial Group is the marketing name for Lincoln National
Corporation (NYSE:LNC) and its affiliates. With headquarters in
Philadelphia, the companies of Lincoln Financial Group had assets under
management of $237 billion as of March 31, 2007. Through its affiliated
companies, Lincoln Financial Group offers: annuities; life, group life
and disability insurance; 401(k) and 403(b) plans; savings plans; mutual
funds; managed accounts; institutional investments; and comprehensive
financial planning and advisory services. Affiliates also include:
Delaware Investments, the marketing name for Delaware Management
Holdings, Inc. and its subsidiaries; Lincoln Financial Media, which owns
and operates three television stations, 18 radio stations, and the
Lincoln Financial Sports production and syndication business; and
Lincoln UK. For more information please visit www.LFG.com.
Forward-Looking Statements—Cautionary
Language
Certain statements made in this release and in other written or oral
statements made by Lincoln or on Lincoln’s
behalf are "forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995 ("PSLRA”). A
forward-looking statement is a statement that is not a historical fact
and, without limitation, includes any statement that may predict,
forecast, indicate or imply future results, performance or achievements,
and may contain words like: "believe,” "anticipate,” "expect,” "estimate,” "project,” "will,” "shall”
and other words or phrases with similar meaning in connection with a
discussion of future operating or financial performance. In particular,
these include statements relating to future actions, prospective
services or products, future performance or results of current and
anticipated services or products, sales efforts, expenses, the outcome
of contingencies such as legal proceedings, operations, trends or
financial results. Lincoln claims the protection afforded by the safe
harbor for forward-looking statements provided by the PSLRA.
Forward-looking statements involve risks and uncertainties that may
cause actual results to differ materially from the results contained in
the forward-looking statements. Risks and uncertainties that may cause
actual results to vary materially, some of which are described within
the forward-looking statements include, among others: legislative,
regulatory or tax changes, both domestic and foreign, that affect the
cost of, or demand for, Lincoln’s products,
the required amount of reserves and/or surplus, or otherwise affect our
ability to conduct business, including changes to statutory reserves
and/or risk-based capital requirements related to secondary guarantees
under universal life and variable annuity products such as Actuarial
Guideline VACARVM, restrictions on revenue sharing and 12b-1 payments,
and the potential for U.S. Federal tax reform; the initiation of legal
or regulatory proceedings against Lincoln or its subsidiaries and the
outcome of any legal or regulatory proceedings; changes in interest
rates causing a reduction of investment income, the margins of Lincoln’s
fixed annuity and life insurance businesses and demand for Lincoln’s
products; a decline in the equity markets causing a reduction in the
sales of Lincoln’s products, a reduction of
asset fees that Lincoln charges on various investment and insurance
products, an acceleration of amortization of deferred acquisition costs,
value of business acquired, deferred sales inducements and deferred
front-end loads and an increase in liabilities related to guaranteed
benefit features of Lincoln’s variable
annuity products; Ineffectiveness of Lincoln’s
various hedging strategies used to offset the impact of declines in and
volatility of the equity markets; a deviation in actual experience
regarding future persistency, mortality, morbidity, interest rates or
equity market returns from Lincoln’s
assumptions used in pricing its products, in establishing related
insurance reserves, and in the amortization of intangibles that may
result in an increase in reserves and a decrease in net income,
including as a result of investor-owned life insurance business;
lowering of one or more of Lincoln’s debt
ratings issued by nationally recognized statistical rating
organizations, and the adverse impact such action may have on Lincoln’s
ability to raise capital and on its liquidity and financial condition;
lowering of one or more of the insurer financial strength ratings of
Lincoln’s insurance subsidiaries and the
adverse impact such action may have on the premium writings, policy
retention, and profitability of its insurance subsidiaries; changes in
accounting principles generally accepted in the United States that may
result in unanticipated changes to Lincoln’s
net income; significant credit, accounting, fraud or corporate
governance issues that may adversely affect the value of certain
investments in the portfolios of Lincoln’s
companies requiring that Lincoln realize losses on such investments; the
impact of acquisitions and divestitures, restructurings, product
withdrawals and other unusual items, including Lincoln’s
ability to integrate acquisitions and to obtain the anticipated results
and synergies from acquisitions; acts of terrorism, war, or other
man-made and natural catastrophes that may adversely affect Lincoln’s
businesses and the cost and availability of reinsurance; competitive
conditions, including pricing pressures, new product offerings and the
emergence of new competitors, that may affect the level of premiums and
fees that Lincoln can charge for its products; the unknown impact on
Lincoln’s business resulting from changes in
the demographics of Lincoln’s client base, as
aging baby-boomers move from the asset-accumulation stage to the
asset-distribution stage of life; loss of key management and other
employees; changes in general economic or business conditions, both
domestic and foreign, that may be less favorable than expected and may
affect foreign exchange rates, premium levels, claims experience, the
level of pension benefit costs and funding, and investment results.
The risks included here are not exhaustive. Lincoln’s
annual report on Form 10-K, quarterly reports on Form 10-Q, current
reports on Form 8-K and other documents filed with the SEC include
additional factors which could impact Lincoln’s
business and financial performance. Moreover, Lincoln operates in a
rapidly changing and competitive environment. New risk factors emerge
from time to time and it is not possible for management to predict all
such risk factors.
Further, it is not possible to assess the impact of all risk factors on
Lincoln’s business or the extent to which any
factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements. Given
these risks and uncertainties, investors should not place undue reliance
on forward-looking statements as a prediction of actual results. In
addition, Lincoln disclaims any obligation to update any forward-looking
statements to reflect events or circumstances that occur after the date
of this release.
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