Summary
This Form 8-K filing from The Progressive Corporation (PGR) on December 16, 2009, reports a significant change in its Board of Directors. The most crucial information for investors is the election of Stuart B. Burgdoerfer to fill a vacancy on the Board. Mr. Burgdoerfer, aged 46, is a seasoned executive with experience as Executive Vice President, Chief Financial Officer, and a member of the Executive Committee at Limited Brands, Inc. His appointment brings a new perspective and financial expertise to the Board. While he was not assigned to any specific committees at the time of his election, his compensation as a director will align with the company's standard practices for non-employee directors, as detailed in the March 13, 2009 proxy statement. This event signifies an update to the company's governance structure and adds a notable executive to its oversight body.
Key Highlights
- 1The Progressive Corporation elected Stuart B. Burgdoerfer to its Board of Directors on December 11, 2009.
- 2Mr. Burgdoerfer's term will extend until the Annual Meeting of Shareholders in April 2010.
- 3He currently serves as Executive Vice President and Chief Financial Officer of Limited Brands, Inc.
- 4Mr. Burgdoerfer is also a member of the Executive Committee at Limited Brands, Inc.
- 5The election filled a current vacancy on The Progressive Corporation's Board.
- 6Mr. Burgdoerfer was not appointed to any Board committees at the time of his election.
- 7His director compensation will be consistent with that of other non-employee directors.