American General Names Reddick Executive Vice President and Chief Administrative Officer.Business Editors HOUSTON--(BUSINESS WIRE)--Dec. 30, 1999 American General (NYSE NYSE See: New York Stock Exchange :AGC AGC Automatic Gain Control AGC Automotive Glass Cartridge (fuse) AGC Associated General Contractors AGC Associated General Contractors of America AGC Atypical Glandular Cells AGC Attorney-General's Chambers ) today announced that Gary D. Reddick has been named executive vice president and chief administrative officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive - corporate operations. In this position, Reddick will be responsible for managing American General's human resources, benefits, corporate relations and facilities management activities. He also is responsible for managing the company's enterprise-wide purchasing functions. Reddick will report to Jon P. Newton, vice chairman and group executive - corporate operations. In commenting on the announcement, Newton said, "With more than 25 years of proven administrative and operations management experience in the financial services industry, Gary is ideally suited to extend his entrepreneurial focus throughout the major functions of our organization. His management of procurement processes has resulted in significant cost savings opportunities and has created a model for the sharing of services throughout our business operations." Reddick joined American General in 1986 and most recently served as senior vice president - insurance administration and services for American General's life insurance division, which represents nearly half of the company's divisional operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before . Reddick also served as vice chairman of one of American General's largest life insurance subsidiaries and managed the integration of the service centers supporting the company's independent agent distribution channel. He began his financial services industry career with the Florida Farm Bureau Life Insurance Company. Reddick, 49, a native of Gainesville, Fla., received his B.B.A. degree in finance from Stetson University in 1972. He is 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. ) and a Fellow, Life Management Institute (FLMI FLMI Fellow, Life Management Institute (life insurance industry accreditation) FLMI Florida Labor Market Information ). American General is one of the nation's largest diversified financial services organizations with assets of $111 billion and market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of $19 billion. Headquartered in Houston, it is a leading provider of retirement services, investments, life insurance and consumer loans to 12 million customers. American General common stock is listed on the New York, Pacific, London and Swiss stock exchanges. http://www.americangeneral.com |
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