Summary
Aflac Incorporated (AFL) announced a change in its Board of Directors through an 8-K filing on February 10, 2015. The company appointed Thomas J. Kenny to the Board, effective immediately, filling a vacancy. Mr. Kenny's appointment is for a term that will conclude at the 2015 Annual Meeting of Shareholders. He will also serve on the Investment and Investment Risk Committee. Concurrently with his appointment to the Board, Aflac terminated a consulting agreement with Mr. Kenny that had been in place since April 2012. Under this agreement, Mr. Kenny provided consulting services to the Investment and Investment Risk Committee, with his annual compensation increasing to $240,000 after April 19, 2014. Mr. Kenny will now be compensated as a non-employee director according to the company's established plans.
Key Highlights
- 1Appointment of Thomas J. Kenny to the Board of Directors.
- 2Mr. Kenny's appointment is effective immediately and his term expires at the 2015 Annual Meeting of Shareholders.
- 3Mr. Kenny has been appointed to serve on the Investment and Investment Risk Committee.
- 4Aflac terminated its consulting agreement with Mr. Kenny, effective February 9, 2015.
- 5Mr. Kenny's prior annual consulting fee was $240,000.
- 6Mr. Kenny will receive compensation as a non-employee director, as per company plans.