Summary
The Hartford Financial Services Group, Inc. (HIG) announced a significant change to its Board of Directors with the election of Larry De Shon, effective February 19, 2020. Mr. De Shon's appointment is expected to strengthen the Board's oversight, as he will serve on key committees, including the Audit Committee and the Finance, Investment and Risk Management Committee. The company has confirmed Mr. De Shon meets all independence requirements and has no related party transactions, assuring investors of his objective contribution. His compensation as a non-management director will follow the company's established structure, including a pro rata cash retainer of $25,000 and restricted stock units valued at $40,000 for the current board service year. This appointment signifies a commitment to maintaining a well-qualified and independent board, which is crucial for corporate governance and investor confidence in the long-term strategy and performance of The Hartford.
Key Highlights
- 1The Hartford has elected Larry De Shon as a new director to its Board, effective February 19, 2020.
- 2Mr. De Shon will be a member of the Board's Audit Committee and Finance, Investment and Risk Management Committee.
- 3The company has affirmed that Mr. De Shon meets all independence requirements and has no material related party transactions.
- 4New director compensation includes a pro rata cash retainer of $25,000 and restricted stock units valued at $40,000 for the 2019-2020 board service year.
- 5Mr. De Shon will also participate in other standard non-management director compensation arrangements, including insurance benefits and travel expense reimbursement.