Summary
MetLife Inc. (MET) announced a significant change in its board composition through an 8-K filing on February 20, 2018. Notably, Gerald L. Hassell was elected as a director, effective immediately, and appointed to key committees: Audit, Compensation, and Finance and Risk. The company confirmed Mr. Hassell's independence, a crucial factor for corporate governance and investor confidence. This filing also disclosed that Alfred F. Kelly, Jr. will not seek re-election at the upcoming annual stockholders meeting on June 12, 2018. This departure is attributed to his executive responsibilities at Visa Inc. Mr. Hassell's compensation as a non-management director will follow standard arrangements, including a $300,000 annual retainer split equally between cash and company stock.
Key Highlights
- 1Gerald L. Hassell elected as a new director to the Board of Directors, effective immediately.
- 2Mr. Hassell appointed to the Audit Committee, Compensation Committee, and Finance and Risk Committee.
- 3The Board determined that Mr. Hassell qualifies as an independent director under NYSE Corporate Governance Standards.
- 4Alfred F. Kelly, Jr. will not seek re-election to the Board at the June 12, 2018 annual stockholders meeting.
- 5Mr. Kelly's decision not to seek re-election is due to his commitments as CEO of Visa Inc.
- 6Non-management directors, including Mr. Hassell, receive a standard annual retainer of $300,000.
- 7Director compensation is split 50% cash and 50% in MetLife common stock.