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.