Who is Brian T. Shea and what is his background?

Brian T. Shea is a new director appointed to Ameriprise Financial's Board of Directors. He is 58 years old and has a substantial background in the financial services industry. Previously, he was Vice Chairman and Chief Executive Officer of Investment Services for BNY Mellon, overseeing global technology and operations. He also held various executive roles, including Chairman, CEO, President, and COO, at Pershing, LLC, a BNY Mellon company. Mr. Shea has served on boards of key industry and regulatory organizations, including FINRA, DTCC, and SIFMA, and currently sits on the board of Fidelity National Information Services, Inc. (FIS).

Why is the appointment of Brian T. Shea significant for Ameriprise Financial?

Mr. Shea's appointment is significant because he brings a wealth of experience in financial services, particularly in areas like investment services, technology, and operations. His directorship experience on various industry boards, including a current role with a financial technology company (FIS), suggests he can provide valuable strategic oversight and contribute to governance and risk management discussions at Ameriprise. This addition enhances the expertise and diversity of the company's Board.

What compensation will Brian T. Shea receive for his board service?

Mr. Shea will participate in Ameriprise Financial's standard outside director compensation program. He is eligible to receive a pro rata share of the $150,000 annual grant of deferred share units. This grant will be measured for the service period from June 1, 2019, through the date of the company's 2020 annual meeting of shareholders.

Are there any conflicts of interest or related-party transactions involving Mr. Shea?

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

AMP 8-K: Leadership Changes

Summary

Ameriprise Financial, Inc. (AMP) announced a key change to its Board of Directors on June 3, 2019, with the appointment of Brian T. Shea, effective June 1, 2019. Mr. Shea brings extensive experience in financial services, having previously held senior executive roles at BNY Mellon, including Vice Chairman and CEO of Investment Services, and various leadership positions at Pershing, LLC. His background also includes significant involvement with regulatory bodies and industry organizations such as FINRA, DTCC, and SIFMA. This appointment is significant for investors as it adds a director with deep industry expertise to the board. Mr. Shea's current and past directorships, including at Fidelity National Information Services, Inc., suggest a strong focus on governance, technology, and risk management, which are crucial areas for a financial services company. Investors can look forward to these skills contributing to the strategic direction and oversight of Ameriprise.

Key Highlights

1Brian T. Shea appointed as a director to the Board of Directors, effective June 1, 2019.
2Mr. Shea possesses significant experience in the financial services industry, including executive roles at BNY Mellon and Pershing, LLC.
3His background includes leadership in investment services, global technology, and operations.
4Mr. Shea has prior experience serving on boards of regulatory and industry organizations like FINRA, DTCC, and SIFMA.
5He currently serves as an independent director for Fidelity National Information Services, Inc. (FIS), bringing expertise in corporate governance and risk.
6Mr. Shea will participate in the company's outside director compensation program, receiving a pro rata annual grant of deferred share units.
7No arrangements or understandings exist between Mr. Shea and other parties regarding his appointment, nor are there any disclosable related-party transactions.

AMERIPRISE FINANCIAL INC 8-K Report, Executive Changes (Jun 3, 2019)

Summary

Key Highlights

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