Summary
Ameriprise Financial, Inc. (AMP) filed an 8-K report on February 2, 2009, to announce the upcoming departures of two board members, Ira D. Hall and Richard F. Powers III. Their terms will conclude at the annual shareholder meeting on April 22, 2009, as they have chosen not to seek re-election. The report clarifies that these decisions are not due to any disagreements with the company. Mr. Hall is stepping down due to increased time commitments from his responsibilities at other public companies and charitable organizations. Mr. Powers is departing to pursue new business opportunities in financial services and asset management. The company's CEO, Jim Cracchiolo, expressed gratitude for their significant contributions since the company's spin-off from American Express in 2005.
Key Highlights
- 1Two Ameriprise Financial Inc. Board of Directors members, Ira D. Hall and Richard F. Powers III, will not seek re-election at the upcoming annual shareholder meeting on April 22, 2009.
- 2The departures are not a result of any disagreement with the company.
- 3Ira D. Hall is leaving due to increased commitments with other public companies and charitable organizations.
- 4Richard F. Powers III is leaving to pursue new business opportunities in financial services and asset management.
- 5Both directors have served since Ameriprise's spin-off from American Express in 2005.
- 6CEO Jim Cracchiolo thanked the departing directors for their contributions.