8-KLeadership ChangesExhibits & Filings

METLIFE INC 8-K Report, Executive Changes (Oct 25, 2016)

Filed October 25, 2016For Securities:METMET-PEMET-PFMET-PA

Summary

MetLife, Inc. (MET) filed an 8-K report on October 24, 2016, detailing a significant change in its Board of Directors. The company announced the election of David L. Herzog as a new director, effective October 21, 2016. Mr. Herzog's appointment strengthens the Board's expertise as he has been appointed to serve on key committees, including the Audit Committee and the Finance and Risk Committee. The company has confirmed that Mr. Herzog meets the independence requirements set by the New York Stock Exchange, which is a positive indicator for corporate governance.

Key Highlights

  • 1David L. Herzog appointed as a new director to the MetLife, Inc. Board of Directors, effective October 21, 2016.
  • 2Mr. Herzog has been appointed to serve on the Board's Audit Committee and Finance and Risk Committee.
  • 3The Board has determined that Mr. Herzog qualifies as an independent director under NYSE Corporate Governance Standards.
  • 4Non-management directors receive an annual retainer of $300,000, paid 50% in stock and 50% in cash.
  • 5Mr. Herzog will receive a prorated retainer fee for his service period from election to the next annual shareholders meeting.
  • 6The filing includes a news release as Exhibit 99.1 detailing the appointment.

Frequently Asked Questions

David L. Herzog has been elected as a new director to MetLife's Board. His appointment is intended to bring valuable experience to the Board, as evidenced by his placement on the Audit Committee and the Finance and Risk Committee.

Yes, the Board of Directors has affirmatively determined that Mr. Herzog meets the independence requirements as defined by the New York Stock Exchange's Corporate Governance Standards.

Mr. Herzog will participate in the company's standard compensation plan for non-management directors. This includes an annual retainer of $300,000, with 50% paid in MetLife common stock and 50% paid in cash. He will receive a prorated amount for the portion of the current board service year he serves.

Appointment to the Audit Committee and the Finance and Risk Committee suggests that Mr. Herzog possesses relevant expertise in financial oversight and risk management, areas critical to an insurance company like MetLife. This indicates the Board is seeking to strengthen its capabilities in these key governance areas.