Printer Friendly

MAJOR JEFFERSON-PILOT SHAREHOLDER RECOMMENDS PROMINENT CANDIDATES FOR COMPANY'S BOARD

 MAJOR JEFFERSON-PILOT SHAREHOLDER RECOMMENDS
 PROMINENT CANDIDATES FOR COMPANY'S BOARD
 GREENSBORO, N.C., Feb. 4 /PRNewswire/ -- A major shareholder of Greensboro, N.C.-based Jefferson-Pilot Corp. (NYSE: JP) has submitted a slate of seven candidates for election to the company's board at the annual shareholders meeting in May. The shareholder, Louise Price Parsons of Palm Beach, Fla., chairs the Jefferson-Pilot Shareholders Committee (JPSC).
 In a letter to JP, Parsons said, "Jefferson-Pilot must take certain actions if it is to enhance its financial performance, maximize returns to shareholders and realize fully JP's long term potential. I continue to believe that the key ingredient to JP's future success is the establishment of a highly qualified and independent board coupled with appropriate procedures to establish and maintain accountability."
 Parsons added, "I believe that the board must challenge management and demand changes that will enhance shareholder value."
 Parsons described her board candidates as "individuals with established reputations for competence, integrity and professional achievement."
 The slate is composed of:
 -- Donald F. Craib Jr., 66, who has served as chairman and chief
 executive officer of Allstate Insurance Group, and vice
 chairman, chief administrative officer and director of Sears,
 Roebuck and Company. Craib has also served as a director of
 Pillsbury Company and Allegheny International, Inc., and as a
 member of the board of visitors of the UCLA Graduate School of
 Business. He is currently a trustee of the UCLA Foundation.
 -- James R. Faulstich, 58, president and chief executive of the
 Federal Home Loan Bank of Seattle since 1979, and chairman of
 the Investment Committee of the Financial Institutions
 Retirement Fund. Faulstich was formerly insurance commissioner
 of Oregon, assistant to the governor of Oregon for Economic
 Development and Consumer Services, and deputy legislative
 counsel.
 -- Harvey B. Gantt, 49, former mayor of Charlotte, N.C., and the
 Democratic party's candidate who ran against Jesse Helms for
 the U.S. Senate in 1990. Gantt is co-founder of Gantt Huberman
 Architects and a fellow of the American Institute of Architects,
 the highest honor granted to practicing architects by the AIA.
 -- Dr. Howard A. Hoffman, 55, president and medical director of
 the Foundation for Contemporary Mental Health. Hoffman is
 formerly medical director and president of the Psychiatric
 Institute of Washington, a 210-bed comprehensive mental health
 center, and founding director of Psychiatric Institutes of
 America, a multiple-facility mental health institute sold to
 National Medical Enterprises in 1982.
 -- Donald H. Parsons, 61, chairman and president of Resources
 Planning Corporation (RPC), a management consulting firm which
 beneficially owns 245,800 shares of JP stock. Parsons is also a
 lawyer and corporate executive who has served as either chairman
 of the board, a member of the board of directors, or an executive
 officer of numerous financial and industrial companies.
 -- Louise Price Parsons, 48, chairman of Litchfield Plantation
 Company and owner of 300,000 shares of JP stock. Her father,
 Ralph Price, was president of JP, and her grandfather, Julian
 Price, was president of Jefferson Standard Life Insurance widely
 credited with building JP's predecessor company into a national
 presence in the insurance industry.
 -- Richard W. Pogue, 63, the managing partner of Jones, Day, Reavis
 & Pogue, an international law firm with 20 offices worldwide.
 Pogue is past chairman of the Antitrust Law Section of the
 American Bar Association, and a member of the board of directors
 of five publicly held companies.
 "In proposing this slate, I am not seeking a quick fix or a short- term gain," Parsons said. "I am a long-term shareholder. I believe in the company's future, and I also believe that significant changes must occur, and occur soon."
 Parsons added, "It is essential that JP have an independent board that will address the need for new and vital leadership at the CEO level and challenge management to generate outstanding performance."
 Parsons pointed out that JP's CEO, Roger Soles, and JP's board are resisting her proposal to require that 75 percent of the JP board members and 100 percent of certain key board committees be independent. The company is also resisting a proposal from RPC to implement confidential voting at JP.
 "I hope that the nominating committee will accept my candidates so that we can move forward in a cooperative and productive manner," Parsons said. "However, if the committee or the full board declines to nominate them, I have reserved the right to solicit proxies in support of my nominees for election at the May annual meeting."
 Referring to Monday's earnings announcement by JP, Parsons said, "I am obviously pleased. It is a first step and indicates that management is finally responding to concerns I have expressed for the past 14 months. However, I believe we need new perspectives, operating philosophies, priorities and performance expectations if JP is to realize its full potential. That is what my nominees offer."
 -0- 2/4/92
 /NOTE TO EDITORS: A full copy of the text of Parsons' letter and other background information are available from Lawrimore Communications at 704-525-4775./
 /CONTACT: Peter Rosenthal or David Sternstein of Howard J. Rubenstein Associates, 212-489-6900, for the Jefferson Pilot Shareholders; or Buck Lawrimore of Lawrimore Communications Inc., 704-525-4775/
 (JP) CO: Jefferson-Pilot Shareholders Committee; Jefferson-Pilot Corp. ST: North Carolina IN: INS SU:


JT -- NY080 -- 6808 02/04/92 15:15 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 4, 1992
Words:868
Previous Article:ALCO ACQUIRES COPIER BUSINESS OF EXECUTIVE OFFICE MACHINES
Next Article:ALCO ACQUIRES COPIER BUSINESS OF COPIER SALES


Related Articles
JEFFERSON-PILOT CORPORATION ISSUES STATEMENT
JEFFERSON-PILOT NOMINATES SEVEN DIRECTORS FOR ELECTION AT ANNUAL MEETING; BOARD REJECTS SLATE PROPOSED BY LOUISE PARSONS
JEFFERSON-PILOT RESPONDS TO SHAREHOLDER PRESSURE
JEFFERSON-PILOT CORPORATION MAILS PROXY MATERIALS TO ITS SHAREHOLDERS IN CONNECTION WITH THE UPCOMING ANNUAL MEETING OF SHAREHOLDERS
JEFFERSON-PILOT SHAREHOLDER GROUP USES VIDEO TO FIGHT PROXY BATTLE
JEFFERSON PILOT SHAREHOLDERS OVERWHELMINGLY SUPPORT BOARD OF DIRECTORS; RATIFY STOCK GRANT PROGRAM BY NEARLY TWO-TO-ONE
JEFFERSON-PILOT DECLARES DIVIDEND
Jefferson-Pilot Declares Dividend
Jefferson-Pilot Declares Dividend
Jefferson-Pilot Declares Dividend and Renews Share Buyback Authorization.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters