8-KLeadership Changes

PROGRESSIVE CORP/OH/ 8-K Report, Executive Changes (Dec 16, 2009)

Filed December 16, 2009For Securities:PGR

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.

Frequently Asked Questions

Stuart B. Burgdoerfer is 46 years old and has been elected to The Progressive Corporation's Board of Directors. He brings significant executive experience, currently serving as Executive Vice President, Chief Financial Officer, and a member of the Executive Committee at Limited Brands, Inc.

Mr. Burgdoerfer was elected to fill a current vacancy on the Board of Directors. This appointment adds a new director with substantial financial and executive leadership experience to the company's oversight.

At the time of his election on December 11, 2009, Mr. Burgdoerfer was not appointed to serve on any of the Board's committees. Information regarding future committee assignments would typically be found in subsequent filings or company disclosures.

Mr. Burgdoerfer's compensation as a director will follow the same structure as that provided to the company's other non-employee directors. Further details on this compensation can be found in The Progressive Corporation's Proxy Statement filed on March 13, 2009, specifically on pages 48-50.