AUSTIN, Texas, June 9, 2017 /PRNewswire/ -- Citizens, Inc.
(NYSE: CIA) today announced the further strengthening of its Board
of Directors with the addition of Christopher ("Chris") W. Claus
and J.D. ("Chip") Davis, Jr..
Mr. Claus provides Citizens' Board with additional investment
and insurance industry experience stemming from a distinguished 20
year career as an executive at USAA of San Antonio, Texas. Mr. Claus served as
President of USAA's, Financial Advice and Solutions Group from 2007
to 2013, where he was accountable for $3.68
Billion in Revenues and $375
Billion of Insurance in Force. Prior to that, Mr.
Claus served as President of USAA's Investment Management
Company. Mr. Claus also concurrently serves as Lead Director
and on the Audit Committee of TrueCar (NASDAQ: TRUE), a digital
automotive marketplace.
Equally impressive is the addition of Mr. Davis to Citizens'
Board. Mr. Davis's distinguished insurance career spans over
40 years, all of which were at National Farm Life Insurance Company
("NFLIC") of Ft. Worth,
Texas. During his extensive executive career, Mr. Davis
served as President, CEO and Chairman of NFLIC's board of
directors.
Mr. Claus and Mr. Davis join Citizens' board at a time of
transition for Citizens. In February
2017, Citizens' Board added Gerald
Shields, former CIO of AFLAC, and Gov. Frank Keating, former President and CEO of the
American Council of Life Insurers, the trade association for the
life insurance and retirement security industry. Mr. Shields
and Gov. Keating were both re-elected to their Board seats at the
Citizens' 2017 Annual Shareholders Meeting on June 6, 2017.
Dr. E. Dean Gage, Chairman of
Citizens Nomination and Governance Committee, explained: "The Board
has been relentless in pursuing individuals of character and
distinction in our industry. Chris and Chip are ideal Board
Members for Citizens. They are probing and experienced in key
areas of our business. Most importantly, they understand the
importance of a strong internal control environment within our
Company," emphasized Dr. Gage.
According to Dr. Robert Sloan,
Chairman of Citizens Board of Directors, "Today, we have an
entirely independent board of directors. Chris and Chip will
have an immediate impact on the positive direction of
Citizens. I personally can't wait to work alongside each one
of our directors as we serve the interests of our shareholders and
policy holders."
"This is a fantastic day for Citizens, as we achieve our
objective of a fully independent board of directors," emphasized
Geoff Kolander, Citizens' CEO, whom
Citizens' Board appointed CEO seven months ago to lead Citizens'
corporate and Executive Team transition. "One of our
core values is accountability," explained Mr. Kolander. "We
emphasize it within all levels of our organization. Our new
executive team is excited to be held accountable to a board
comprised of entirely independent and non-executive
directors. They are all proven leaders and individuals of
integrity. The net impact will be positive for our
shareholders, as we continue to add talent to our executive suite
and transition Citizens into a leading company within the insurance
industry," added Mr. Kolander.
Citizens, Inc. is a financial services company listed on the New
York Stock Exchange under the symbol CIA. The Company utilizes a
three-pronged strategy for growth based upon worldwide sales of
U.S. Dollar-denominated whole life cash value insurance policies,
life insurance product sales in the U.S. and the acquisition of
other U.S.-based life insurance companies.
This press release may contain forward-looking statements as
defined in the U.S. federal securities laws, which can be
identified by words such as "may," "will," "expect," "anticipate"
or "continue" or comparable words. In addition, all
statements other than statements of historical facts that address
activities that the Company expects or anticipates will or may
occur in the future are forward-looking statements.
Forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
anticipated or implied by the forward-looking statements, including
the "Risk Factors" and similar disclosure described in Citizens'
Annual Report on Form 10-K for the year ended December 31, 2016, Quarterly Reports on Form 10-Q
and other periodic filings with the Securities and Exchange
Commission. You should not unduly rely on forward-looking
statements, which speak only as of the date they are made.
Citizens undertakes no duty or obligation to update or revise any
forward-looking statement as a result of new information, future
events or changes in the Company's expectations. The Company
also disclaims any duty to comment upon or correct information that
may be contained in reports published by the investment
community.
For further information contact:
Investor Relations
(512) 837-7100
PR@citizensinc.com
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SOURCE Citizens, Inc.