NEW YORK, March 22, 2017 /PRNewswire/ -- HRG Group,
Inc. (the "Company" or "HRG"; NYSE: HRG) today announced that
Omar Asali, President and Chief
Executive Officer, has informed the Company that he will resign
from the Company and its subsidiaries and their respective Board of
Directors effective as of April 14,
2017. Joseph S. Steinberg, the
Company's Chairman, will assume the additional position of Chief
Executive Officer of the Company upon Mr. Asali's departure.
On November 17, 2016, HRG
disclosed that Mr. Asali planned to leave HRG in the second half of
fiscal 2017 to establish a private investment vehicle to make
long-term investments in private and public companies.
Mr. Asali said: "I want to thank the HRG Board and employees for
all of their contributions to the success of the Company. I
will be moving on to my next chapter knowing that HRG is in capable
hands. HRG and its subsidiaries are great businesses with
strong performance records. I am confident that the strategic
review process at HRG and sale process at Fidelity & Guaranty
Life will maximize value for all shareholders."
The HRG Board said: "Omar has played a critical role in creating
value for the HRG shareholders. We thank him for all his efforts
and wish him well in his future endeavors."
About HRG Group, Inc.
HRG Group, Inc. is a holding company that conducts its
operations through its operating subsidiaries. As of December 31, 2016, the Company's principal
operating subsidiaries were: Spectrum Brands, a global branded
consumer products company; Fidelity & Guaranty Life, a life
insurance and annuity products company; and Front Street, a
long-term reinsurance company. HRG is headquartered in New York and traded on the New York Stock
Exchange under the symbol HRG. For more information on HRG, visit:
www.HRGgroup.com.
Forward Looking Statements
"Safe Harbor" Statement Under the Private Securities Litigation
Reform Act of 1995: This document contains, and certain oral
statements made by our representatives from time to time may
contain, forward-looking statements, including those statements
regarding the departure of the Company's current CEO, the Company's
CEO succession plan, the Company's strategic review process and the
merger of Anbang Insurance Group and Fidelity & Guaranty Life
("FGL"), the FGL ongoing sale process and any expected or
anticipated benefits from the foregoing matters. As
previously disclosed, strategic alternatives for the Company may
include, but are not limited to, a merger, sale or other business
combination involving the Company and/or its assets. HRG has not
set a definitive schedule to complete its review of strategic
alternatives and does not intend to provide updates until such time
as it determines in its sole discretion, as required by law and/or
it has entered into definitive documentation with respect to any
strategic transaction. There can be no assurance that this process
will result in a transaction, or if a transaction is undertaken, as
to its terms or timing.
Forward-looking statements also include information concerning
possible or assumed future distributions from subsidiaries, other
actions, events, results, strategies and expectations and are
identifiable by use of the words "believes," "expects," "intends,"
"anticipates," "plans," "seeks," "estimates," "projects," "may,"
"will," "could," "might," or "continues" or similar expressions.
Such forward-looking statements are subject to risks and
uncertainties that could cause actual results, events and
developments to differ materially from those set forth in or
implied by such statements.
These forward-looking statements are based on the beliefs and
assumptions of HRG's management and the management of HRG's
subsidiaries. Factors that could cause actual results, events
and developments to differ include, without limitation: that the
review of strategic alternatives at HRG will result in a
transaction, or if a transaction is undertaken, as to its terms or
timing; the ability of HRG's subsidiaries to close previously
announced transactions, including statements regarding the closing
of the merger of Anbang Insurance Group and FGL and/or the FGL
ongoing sales process; the ability of HRG's subsidiaries to
generate sufficient net income and cash flows to make upstream cash
distributions; the decision of the boards of HRG's subsidiaries to
make upstream cash distributions, which is subject to numerous
factors such as restrictions contained in applicable financing
agreements, state and regulatory restrictions and other relevant
considerations as determined by the applicable board; HRG's
liquidity, which may be impacted by a variety of factors, including
the capital needs of HRG's subsidiaries; capital market conditions;
commodity market conditions; foreign exchange rates; HRG's and its
subsidiaries' ability to identify, pursue or complete any suitable
future acquisition or disposition opportunities, including
realizing such transaction's expected benefits and the timetable
for, completing applicable financial reporting requirements;
litigation; potential and contingent liabilities; management's
plans; changes in regulations; taxes; and the risks that may affect
the performance of the operating subsidiaries of HRG and those
factors listed under the caption "Risk Factors" in HRG's most
recent Annual Report on Form 10-K and subsequent Quarterly Reports
on Form 10-Q, filed with the Securities and Exchange
Commission. All forward-looking statements described herein
are qualified by these cautionary statements and there can be no
assurance that the actual results, events or developments
referenced herein will occur or be realized. Neither HRG nor
any of its affiliates undertake any obligation to update or revise
forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operation
results, except as required by law.
For further information contact:
Investors and Media:
HRG Group, Inc.
Investor Relations
Tel: 212.906.8555
Email: investorrelations@HRGgroup.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/hrg-group-provides-update-on-ceo-transition-300428083.html
SOURCE HRG Group, Inc.