8-KLeadership ChangesExhibits & Filings

METLIFE INC 8-K Report, Executive Changes (Feb 21, 2018)

Filed February 21, 2018For Securities:METMET-PEMET-PFMET-PA

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.

Frequently Asked Questions

Gerald L. Hassell has been elected as a new director to MetLife's Board of Directors and appointed to its Audit, Compensation, and Finance and Risk Committees. The board has confirmed his independence. His appointment is effective immediately.

Alfred F. Kelly, Jr. is not seeking re-election to the Board at the upcoming annual stockholders meeting on June 12, 2018, due to his existing commitments as the Chief Executive Officer of Visa Inc.

Mr. Hassell will participate in the company's standard non-management director compensation plan. This includes an annual retainer of $300,000, with 50% paid in cash and 50% paid in MetLife common stock.

An independent director is crucial for good corporate governance. It means the director does not have a material relationship with the company (other than their board service) that could interfere with their independent judgment. This ensures oversight and protection of shareholder interests.