8-KLeadership Changes

HARTFORD INSURANCE GROUP, INC. 8-K Report, Executive Changes (Oct 19, 2017)

Filed October 19, 2017For Securities:HIGHIG-PG

Summary

The Hartford Financial Services Group, Inc. (HIG) announced on October 19, 2017, the election of two new independent directors, Stephen P. McGill and Greig Woodring, to its Board of Directors, effective December 20, 2017. Both directors have been appointed to key board committees: Mr. McGill to Compensation and Management Development, and Finance, Investment and Risk Management; and Mr. Woodring to Audit, and Finance, Investment and Risk Management. These appointments are designed to strengthen the board's expertise in critical areas of corporate governance and financial oversight. Investors can note that both new directors are deemed independent and have no material related-party transactions with the company. Their compensation for the remainder of the 2017-2018 board service year will consist of a pro-rata cash retainer of $41,700 and restricted stock units valued at $66,700, with additional benefits including life and accidental death insurance and travel expense reimbursement as per the company's standard non-management director compensation policy.

Key Highlights

  • 1Two new independent directors, Stephen P. McGill and Greig Woodring, elected to the Board.
  • 2Mr. McGill appointed to Compensation and Management Development and Finance, Investment and Risk Management Committees.
  • 3Mr. Woodring appointed to Audit and Finance, Investment and Risk Management Committees.
  • 4Director appointments are effective December 20, 2017.
  • 5Both directors meet independence requirements and have no related-party transactions.
  • 6Compensation for the remainder of the 2017-2018 service year includes pro-rata cash ($41,700) and equity ($66,700) retainers.
  • 7Directors will also receive Group Term Life and Accidental Death and Dismemberment insurance, and travel expense reimbursement.

Frequently Asked Questions

Stephen P. McGill and Greig Woodring have been elected as new directors to The Hartford's Board of Directors.

The terms for Mr. McGill and Mr. Woodring commence on December 20, 2017. Mr. McGill will serve on the Compensation and Management Development Committee and the Finance, Investment and Risk Management Committee. Mr. Woodring will serve on the Audit Committee and the Finance, Investment and Risk Management Committee.

For the remainder of the 2017-2018 board service year, each new director will receive a pro-rata cash retainer of $41,700 and a pro-rata equity retainer (restricted stock units) valued at $66,700. They will also participate in other non-management director compensation arrangements, including life and accidental death insurance, and reimbursement for travel expenses.

Yes, the Board has determined that both Mr. McGill and Mr. Woodring meet the applicable independence requirements of the New York Stock Exchange and the Company's Corporate Governance Guidelines, and do not have any direct or indirect interests in related party transactions.