Summary
Aflac Incorporated (AFL) filed an 8-K on June 7, 2017, announcing the departure of Paul S. Amos, II, President of its subsidiary American Family Life Assurance Company of Columbus ("Aflac") and a director of the Company. Mr. Amos's resignation is effective July 1, 2017. This event marks a significant leadership change within the company's core operating subsidiary and at the board level. In connection with his departure, Mr. Amos will receive a separation payment totaling $3,404,494. This package includes 30 months of base salary continuation, a pro-rated 2017 annual incentive award, and 18 months of continued health insurance premium payments. While this represents a substantial payout, it is contingent upon Mr. Amos adhering to confidentiality, non-compete, and non-solicitation agreements, which are standard provisions in such arrangements and aim to protect the company's interests.
Key Highlights
- 1Paul S. Amos, II, President of Aflac and Company Director, is departing.
- 2Mr. Amos's resignation is effective July 1, 2017.
- 3A separation agreement has been entered into with Mr. Amos.
- 4Mr. Amos will receive a total separation payment of $3,404,494.
- 5The payment includes 30 months of base salary continuation.
- 6The payment also includes a 2017 annual incentive award and 18 months of health insurance premium coverage.
- 7Mr. Amos is subject to confidentiality, non-compete, and non-solicitation obligations.