DES MOINES, Iowa, Jan. 16, 2015 /PRNewswire/ -- Fidelity &
Guaranty Life ("FGL" or "the Company"; NYSE: FGL) announced today
that Lee Launer, the Company's Chief
Executive Officer and a member of its Board of Directors, has
elected to retire effective as of April 30,
2015 in order to pursue outside interests. Pursuant to
its established management succession plan, the Company also
announced that Christopher J.
Littlefield, presently FGL's President, will assume the
position of CEO upon Mr. Launer's retirement. The Company
expects to enter into an exclusive advisory services agreement with
Mr. Launer to provide for a seamless transition in leadership
through the end of the 2015 calendar year.
![Fidelity & Guaranty Life Logo. Fidelity & Guaranty Life Logo.](http://photos.prnewswire.com/prnvar/20140122/MM51073LOGO)
Commenting on his decision, Mr. Launer said, "I am extremely
proud of what we accomplished during my tenure. My passion
for leading this great business is equaled only by my determination
to pursue certain long-delayed interests, including several
important charitable endeavors. Having worked with Chris
these past few months, I have full confidence that the Company will
continue to successfully execute the strategic roadmap we set a
little over a year ago during FGL's IPO."
"I want to congratulate Lee for everything that he has achieved
during his exceptional career in the insurance industry and also
thank him for providing his steady leadership and direction during
FGL's critical formative years," said Phillip J. Gass, Chairman of FGL's Board of
Directors. "I have worked with Lee closely since the time of
FGL's acquisition by Harbinger Group in 2011, and he has been
instrumental in helping the Company achieve a multi-year period of
very strong annuity sales growth, ongoing investment portfolio
optimization and the execution of our successful public offering in
2013. Based on the strong foundation that has been set by Lee
and the team, we are very excited about the future growth
opportunities at FGL, and are pleased to welcome Chris as he
expands his responsibilities into the role of CEO."
Mr. Littlefield, who joined FGL as President in 2014, was
formerly the President & Chief Executive Officer of Aviva
USA Corporation, overseeing a
business with more than $60 billion
of assets under management and serving the insurance needs for more
than 1 million customers.
About Fidelity & Guaranty Life
Fidelity & Guaranty Life, an insurance holding company,
helps middle-income Americans prepare for retirement. Through
its subsidiaries, the company offers fixed annuity and life
insurance products distributed by independent agents through an
established network of independent marketing organizations.
Fidelity & Guaranty Life, headquartered in Des Moines, Iowa, trades on the New York Stock
Exchange under the ticker symbol FGL. For more information, please
visit www.fglife.com.
Media Contact:
Sard Verbinnen & Co
Jamie Tully/David Millar
212-687-8080
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 our common stock
repurchase program, for which the manner of purchase, the number of
shares to be purchased and the timing of purchases will be based on
the price of FGL's common stock, general business and market
conditions and applicable legal requirements, and is subject to the
discretion of FGL's management. Such 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 statements are based on the
beliefs and assumptions of FGL's management and the management of
FGL's subsidiaries (including target businesses). Generally,
forward-looking statements include information concerning possible
or assumed future distributions from subsidiaries, other actions,
events, results, strategies and expectations and are generally
identifiable by use of the words "believes," "expects," "intends,"
"anticipates," "plans," "seeks," "estimates," "projects," "may,"
"will," "could," "might," or "continues" or similar expressions.
Factors that could cause actual results, events and developments to
differ include, without limitation: the accuracy of FGL's
assumptions and estimates; FGL's and its insurance subsidiaries'
ability to maintain or improve financial strength ratings; FGL's
ability to manage its business in a highly regulated industry;
regulatory changes or actions; the impact of FGL's reinsurers
failing to meet their assumed obligations; restrictions on FGL's
ability to use captive reinsurers; the impact of interest rate
fluctuations; changes in the federal income tax laws and
regulations; litigation (including class action litigation),
enforcement investigations or regulatory scrutiny; the performance
of third parties; the loss of key personnel; telecommunication,
information technology and other operational systems failures; the
continued availability of capital; new accounting rules or changes
to existing accounting rules; general economic conditions; FGL's
ability to protect its intellectual property; the ability to
maintain or obtain approval of the Iowa Insurance Department and
other regulatory authorities as required for FGL's operations; and
other factors discussed in FGL's filings with the SEC including its
Form 10-K for the year ended September 30,
2014, which can be found at the SEC's website
www.sec.gov.
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. FGL does not 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.
Logo -
http://photos.prnewswire.com/prnh/20140122/MM51073LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/fidelity--guaranty-life-ceo-lee-launer-announces-retirement-date-chris-littlefield-named-successor-300021719.html
SOURCE Fidelity & Guaranty Life