8-KLeadership Changes

AMERIPRISE FINANCIAL INC 8-K Report, Executive Changes (Jun 13, 2011)

Filed June 13, 2011For Securities:AMP

Summary

Ameriprise Financial, Inc. (AMP) announced on June 7, 2011, the appointment of Lon R. Greenberg to its Board of Directors. Mr. Greenberg, who brings extensive experience as CEO and Chairman of UGI Corporation and has served on other public company boards, joins as a Class I director with his term expiring at the 2012 annual shareholder meeting. His appointment is effective immediately. In conjunction with Mr. Greenberg's appointment, the Board also approved modifications to the company's outside director compensation program, effective July 1, 2011. These changes include an increase in the annual cash retainer for committee chairmen and an increase in the annual grant value of deferred share units for all directors. These adjustments will affect the compensation for Mr. Greenberg and other directors moving forward.

Key Highlights

  • 1Ameriprise Financial appointed Lon R. Greenberg as a new director to its Board of Directors, effective June 7, 2011.
  • 2Mr. Greenberg brings significant leadership experience, including his roles as CEO and Chairman of UGI Corporation.
  • 3The appointment is for a Class I director, with a term expiring at the 2012 annual shareholder meeting.
  • 4The company's Board of Directors approved modifications to its outside director compensation program, effective July 1, 2011.
  • 5Key compensation changes include an increase in the annual cash retainer for the Compensation and Benefits Committee and Nominating and Governance Committee chairmen.
  • 6The annual grant value of deferred share units for directors will also increase from $100,000 to $115,000.
  • 7Mr. Greenberg's compensation will be prorated for 2011 based on the amended award values.

Frequently Asked Questions

Lon R. Greenberg was appointed as a new director to the Ameriprise Financial Board. He has a strong background in corporate leadership, serving as Chairman and CEO of UGI Corporation, an energy products and services distributor. His appointment is intended to bring his experience to the company's governance and strategic direction.

Effective July 1, 2011, Ameriprise Financial modified its outside director compensation. The annual cash retainer for the chairmen of the Compensation and Benefits Committee and the Nominating and Governance Committee was increased from $10,000 to $15,000. Additionally, the annual grant value of deferred share units for each director increased from $100,000 to $115,000.

Mr. Greenberg's compensation will reflect the updated director compensation program. Specifically, his annual grant of deferred share units for 2011 will be prorated based on the amended value of $115,000, covering the period from July 1, 2011, through the 2012 annual meeting of shareholders.

According to the filing, Mr. Greenberg was not appointed pursuant to any arrangement or understanding with other persons, and there are no transactions between Ameriprise Financial and Mr. Greenberg or his immediate family members that require disclosure under Item 404(a) of Regulation S-K.