Summary
Progressive Corp (PGR) announced a CFO transition in its March 6, 2007, 8-K filing. W. Thomas Forrester has retired as Chief Financial Officer, effective March 2, 2007. This planned retirement was previously disclosed in a February 2006 filing. Brian C. Domeck has been appointed as the new CFO, effective March 4, 2007. Mr. Domeck's appointment was also anticipated, following his earlier appointment as an executive officer in September 2006. His compensation package for 2007 includes a base salary of $320,000 and eligibility for a significant bonus and equity award, subject to company performance and shareholder approval of the Executive Bonus Plan.
Key Highlights
- 1Retirement of W. Thomas Forrester as Chief Financial Officer, effective March 2, 2007.
- 2Appointment of Brian C. Domeck as the new Chief Financial Officer, effective March 4, 2007.
- 3Mr. Domeck's CFO appointment was a planned succession, previously signaled in a September 2006 filing.
- 4Mr. Domeck's 2007 base salary is set at $320,000.
- 5Mr. Domeck is eligible for a 2007 Executive Bonus Plan, with a target bonus of 100% of salary, contingent on shareholder approval.
- 6Mr. Domeck will receive an equity award valued at 200% of his salary, split between time-based and performance-based restricted stock.