American General Advances President to CEO.HOUSTON--(BUSINESS WIRE)--Oct. 24, 1996--The board of directors of American General Corporation (NYSE-AGC) in accordance with the company's plan for CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. succession, today announced that Robert M. Devlin, president, has been named to the additional post of CEO. Under the plan announced in 1995, Harold S. Hook, who has served as chairman and CEO since 1978, will continue as chairman until the annual shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. in 1997, at which time Devlin will be named chairman. Devlin is only the fourth CEO since the company's founding in 1926. In a related action, the board elected James S. D'Agostino Jr. to American General's board of directors and announced that D'Agostino will succeed Devlin as president at the annual shareholders' meeting in 1997. At that time, D'Agostino will become a member of the office of the chairman along with Devlin and Jon P. Newton, vice chairman and general counsel. Until the 1997 annual meeting, D'Agostino will continue to serve as chairman and CEO of American General Life and Accident Insurance Company in Nashville, a position he assumed in 1993. In commenting on the announcement, Devlin said, "Under Harold's leadership, American General has grown to be one of the nation's largest and most successful diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services organizations. This extraordinary record was achieved in a period of unprecedented change for the industry and at a time during which American General's business segments were significantly transformed. "Also, I am pleased that Jim has been elected to our board and will be joining the office of the chairman as president next spring. I look forward to working closely with Jon and Jim in continuing American General's commitment to building shareholder value and providing quality service for our customers." Hook, 65, joined American General in 1970 as president of a life insurance subsidiary. He was elected to American General's board of directors in 1972 and was elected president of the parent company in 1975 and chairman and CEO in 1978. A Chartered Life Underwriter (CLU (language) CLU - (CLUster) An object-oriented programming language developed at MIT by Liskov et al in 1974-1975. CLU is an object-oriented language of the Pascal family designed to support data abstraction, similar to Alphard. ), Hook holds two degrees, a BS degree in Business Administration and an MA degree in Accounting, from the University of Missouri (Columbia). Devlin, 55, joined American General in 1977 in an insurance subsidiary and has served in a broad range of senior management positions in the parent company and in operating subsidiaries. He was elected vice chairman and director of American General Corporation in 1993 and served in that position before being elected president in 1995. Devlin served as president and CEO of Houston-based American General Life Insurance Company from 1986 to 1993. A Chartered Life Underwriter (CLU), he holds a BA degree in Economics from Tulane University History Founding/early history The University dates from 1834 as the Medical College of Louisiana.<ref name="facts" /> With the addition of a law department, it became The University of Louisiana . D'Agostino, 50, joined American General in 1986 and held several key management positions in the parent company before being named chairman and CEO of the Nashville-based life insurance subsidiary in 1993. He holds two degrees, a BS degree in Economics from Villanova University Villanova University (vĭl'ənō`və), at Villanova, Pa., near Philadelphia; Roman Catholic; est. 1842 as a men's school, coeducational since 1967. and a JD degree from Seton Hall University School of Law The Seton Hall University School of Law is part of Seton Hall University, the Catholic University of New Jersey, and is located in downtown Newark. Seton Hall Law School is one of only three Law schools in New Jersey and is the only private law school in the state. . D'Agostino has completed the Advanced Management Program at Harvard University Harvard University, mainly at Cambridge, Mass., including Harvard College, the oldest American college. Harvard College Harvard College, originally for men, was founded in 1636 with a grant from the General Court of the Massachusetts Bay Colony. . American General Corporation is one of the nation's largest diversified financial services organizations with assets of $64 billion and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $5.4 billion. Headquartered in Houston, it is a leading provider of retirement annuities, consumer loans, and life insurance to over 8 million households. American General common stock is listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Pacific, London, and Swiss stock exchanges. CONTACT: American General Corp. Robert D. Mrlik, vice president - investor relations Investor relations The process by which the corporation communicates with its investors. , 713/831-1137 or John E. Pluhowski, director - corporate communications, 713/831-1149 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion