CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
Unum Group (NYSE:UNM) today announced that Jon S. Fossel, 69, is
retiring as non-executive chairman of the board of directors. William J.
Ryan has been named non-executive chairman of the board of directors,
succeeding Fossel. The transition will take effect on September 30,
2011, when Fossel marks five years of service as chairman.
Fossel joined the board in 2002 and has served as non-executive chairman
since October 1, 2006. He will provide consulting services to the
company after his retirement. Ryan, 67, joined the board in 2004 and is
currently chair of the Governance committee and a member of the Finance
committee. He retired in 2009 as chairman of TD Banknorth Inc.
Previously, he was president, chief executive officer and a director of
TD Banknorth Inc. Ryan is also currently a director of Wellpoint, Inc.
“Consistent with my belief that board chairs should rotate periodically,
I had indicated to the board earlier this year that I did not intend to
serve more than five years as chairman,” said Fossel. “I have decided
that this would also be a good time for me to step off the board. The
company has achieved a remarkable turnaround, and I am confident it is
well positioned for the future.”
“I am pleased to have been chosen by my fellow board members to assume
the position of chairman,” said Ryan. “Unum is an exceptional
organization with a track record of outstanding performance, and I look
forward to working with our strong board and management team to continue
to create value for our shareholders. Jon Fossel has served the company
well, and we thank him for his years of service.”
Since 2006, Unum’s operating earnings per share have grown at a compound
rate of 11 percent and its stock price has significantly outperformed
the industry, the S&P 500 and the broader stock market. Unum has also
increased its dividend three consecutive years and has completed and/or
announced more than $2 billion in share repurchases since 2008. The
company’s increased profitability and financial stability prompted
upgrades in its financial strength ratings by S&P, Fitch, Moody’s and
A.M. Best over the last three years.
About Unum
Unum (www.unum.com)
is one of the leading providers of employee benefits products and
services, and the largest provider of group and individual disability
income protection insurance in the United States and the United Kingdom.
Safe Harbor Statement
Certain information in this press release constitutes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are those not based on
historical information, but rather relate to future operations,
strategies, financial results, or other developments and speak only as
of the date made. These forward-looking statements, including statements
about anticipated growth in after-tax operating income per share and
planned share repurchases, are subject to numerous assumptions, risks,
and uncertainties, many of which are beyond our control. The following
factors, in addition to other factors mentioned from time to time, may
cause actual results to differ materially from those contemplated by the
forward-looking statements: (1) unfavorable economic or business
conditions, both domestic and foreign; (2) legislative, regulatory, or
tax changes, both domestic and foreign, including the effect of
potential legislation and increased regulation in the current political
environment; (3) sustained periods of low interest rates; (4) changes in
claim incidence and recovery rates due to, among other factors, the rate
of unemployment and consumer confidence, the emergence of new diseases,
epidemics, or pandemics, new trends and developments in medical
treatments, and the effectiveness of claims management operations; (5)
fluctuation in insurance reserve liabilities; (6) investment results,
including but not limited to, realized investment losses resulting from
defaults, contractual terms of derivative contracts, and impairments
that differ from our assumptions and historical experience; (7) the lack
of appropriate investments in the market which can be acquired to match
our liability cash flows and duration; (8) changes in interest rates,
credit spreads, and securities prices; (9) increased competition from
other insurers and financial services companies due to industry
consolidation or other factors; (10) changes in demand for our products
due to, among other factors, changes in societal attitudes, the rate of
unemployment, and consumer confidence; (11) changes in accounting
standards, practices, or policies; (12) changes in our financial
strength and credit ratings; (13) rating agency actions, state insurance
department market conduct examinations and other inquiries, other
governmental investigations and actions, and negative media attention;
(14) effectiveness in managing our operating risks and the
implementation of operational improvements and strategic growth
initiatives; (15) actual experience in pricing, underwriting, and
reserving that deviates from our assumptions; (16) actual persistency
and/or sales growth that is higher or lower than projected; (17)
effectiveness of our risk management program; (18) the level and results
of litigation; (19) currency exchange rates; (20) ability of our
subsidiaries to pay dividends as a result of regulatory restrictions;
(21) ability and willingness of reinsurers to meet their obligations;
(22) changes in assumptions related to intangible assets such as
deferred acquisition costs, value of business acquired, and goodwill;
(23) events or consequences relating to political instability,
terrorism, and acts of war, both domestic and foreign; and (24) ability
to recover our systems and information in the event of a disaster or
unanticipated event.
For further information about risks and uncertainties which could cause
actual results to differ from those contained in the forward-looking
statements, see Part I, Item 1A of our annual report on Form 10-K for
the year ended December 31, 2010. The forward-looking statements in this
press release are being made as of the date of this press release, and
the Company expressly disclaims any obligation to update or revise any
forward-looking statement contained herein, even if made available on
our website or otherwise.
Source: Unum Group
Contact:
Unum Group
Media
Jim Sabourin, 423-294-6300
or
Investors
Thomas
A. H. White, 423-294-8996