GWG Holdings Announces Retirement of Board Chairman Paul Siegert, Election of New Director Mark Schwarzmann
February 21 2017 - 4:05PM
GWG Holdings, Inc. (Nasdaq:GWGH), a financial services company
dedicated to transforming the life insurance industry with
disruptive and innovative products and services, announced that
co-founder and Board Chairman Paul Siegert is retiring from the
company and its Board of Directors.
Effective immediately, co-founder and Chief
Executive Officer Jon Sabes will serve as Chairman of the company’s
Board of Directors. In addition, the company announced that Mark
Schwarzmann, former Chairman and Chief Executive Officer of
RiverSource Insurance, will join the company’s Board of
Directors.
“We founded GWG 11 years ago on the principle
that by applying best practices to the life insurance secondary
market we could create an enduring company that offers consumers
superior value for their life insurance assets,” said Jon Sabes.
“And through hard work and perseverance we have accomplished Paul’s
vision. We are grateful for Paul’s many contributions and
leadership over the years. We wish him the best in retirement. Now
as we enter an exciting phase of our continued corporate
development, we are pleased to have insurance executive Mark
Schwarzmann join our Board of Directors. Mark adds
significant expertise and experience to our Board in the life and
retirement businesses we serve.”
Paul Siegert co-founded GWG in 2006 and served
as its President until 2014 when he became Executive Chairman of
the Board. As a nationally recognized expert on tax and estate
planning, he has over 50 years of experience in national and
international business, consulting to Fortune 500 companies,
emerging firms, government and education. He founded the Insurance
Studies Institute in 2007.
Mark Schwarzmann is a Senior Advisor with global
consulting firm Oliver Wyman where he works with insurance practice
groups. Mark is also a founding Principal with the strategic
consulting firm Independence Associates. Prior to starting his
consulting practice, Mark served as Chairman and Chief Executive
Officer of RiverSource Life Insurance and was President of
Ameriprise Financial’s Insurance, Annuities and Product
Distribution from 2003 to 2007. Prior to that, Mark spent fifteen
years in leadership positions at the General Electric Corporation,
including serving as Senior Vice President of GE Financial
Assurance, where he built a go-to-market strategy and sales team
for long-term care and life insurance products.
About GWG Holdings, Inc.
GWG Holdings, Inc. (Nasdaq:GWGH) is a financial
services company committed to transforming the life insurance
industry through disruptive and innovative products and services.
Already a recognized disruptor as a leader in life insurance
secondary market, GWG seeks to further transform the industry by
applying advanced epigenetic mortality prediction technology to the
life insurance and related industries. As of September 30, 2016,
GWG’s growing portfolio consisted of $1.27 billion in face value of
life insurance policy benefits, and has returned $357 million to
consumers for their life insurance compared to the $24.5 million in
surrender value offered by issuing carriers on the same policies.
For more information about GWG Holdings, Inc.
email info@gwglife.com or visit www.gwgh.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking
statements that involve substantial risks and uncertainties. All
statements, other than statements of historical facts, included in
this press release regarding our strategy, future operations,
future financial position, future revenue, projected costs,
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"expect," "intend," "may," "plan," "would," "target" and similar
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although not all forward-looking statements contain these
identifying words. These forward-looking statements include, among
other things, statements about our estimates regarding future
revenue and financial performance. We may not actually achieve the
expectations disclosed in our forward-looking statements, and you
should not place undue reliance on our forward-looking statements.
Actual results or events could differ materially from the
expectations disclosed in the forward-looking statements we make.
More information about potential factors that could affect our
business and financial results is contained in our filings with the
Securities and Exchange Commission. Additional information will
also be set forth in our future quarterly reports on Form 10-Q,
annual reports on Form 10-K and other filings that we make with the
Securities and Exchange Commission. We do not intend, and undertake
no duty, to release publicly any updates or revisions to any
forward-looking statements contained herein.
Media contacts:
Dan Callahan
GWG Holdings, Inc.
(612) 746-1935
dcallahan@gwglife.com
Matt Ehlers
G&S Business Communications
(919) 870-5718, x3221
mehlers@gscommunications.com
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