Aflac Incorporated Announces Chairman and CEO Daniel P. Amos Decides to Forgo Elements of Compensation Package
COLUMBUS, Ga., Nov. 14 /PRNewswire-FirstCall/ -- Aflac Incorporated
announced today that Aflac Chairman and CEO Daniel P. Amos has decided to
forgo the "golden parachute" components in his employment contract.
The first compensation component relates to a change-in-control provision.
Under his original employment contract, Mr. Amos would have been entitled to
receive three years of salary and bonus in the event of a change in control.
By eliminating this provision of his contract, Mr. Amos is forgoing
approximately $13 million of potential cash compensation. The second
compensation component relates to severance compensation (salary and bonus)
following termination of Mr. Amos' employment contract, which had provided for
severance compensation of up to $13 million in cash.
About Mr. Amos' decision, Aflac Incorporated board member Robert B. "Ben"
Johnson, chairman of the Compensation Committee, said: "The Compensation
Committee believes that Mr. Amos' decision to forgo the 'golden parachute'
components in his employment contract sends the correct message to Aflac
shareholders. I want to emphasize that Mr. Amos reached this conclusion
entirely independent of the board of directors. He felt strongly that there
are no circumstances under which he would accept payment in the event of a
change of control or severance. The members of Aflac's Compensation
Committee, and in fact the entire board of directors, are proud of his
decision. We believe it exemplifies Mr. Amos' strong leadership and an
unwavering commitment to Aflac's shareholders."
For more than 50 years, Aflac products have given policyholders the
opportunity to direct cash where it is needed most when a life-interrupting
medical event causes financial challenges. Aflac is the number one provider of
guaranteed-renewable insurance in the United States and the number one
insurance company in terms of individual insurance policies in force in Japan.
Our insurance products provide protection to more than 40 million people
worldwide. Aflac has been included in Fortune magazine's list of America's
Most Admired Companies for seven years and in Fortune magazine's list of the
100 Best Companies to Work For in America for ten consecutive years. Aflac has
been recognized three times by both Fortune magazine's list of the Top 50
Employers for Minorities and Working Mother magazine's list of the 100 Best
Companies for Working Mothers and has also been included in Ethisphere
magazine's list of the World's Most Ethical Companies for two consecutive
years. Aflac Incorporated is a Fortune 500 company listed on the New York
Stock Exchange under the symbol AFL. To find out more about Aflac, visit
SOURCE Aflac Incorporated
CONTACT: Analyst and investors, Kenneth S. Janke Jr., +1-800-235-2667 -
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email@example.com, FAX: +1-706-320-2288, all of Aflac Incorporated