Summary
The Progressive Corporation announced a change to its Board of Directors on June 16, 2011. Heidi Miller, a seasoned executive with extensive experience in international financial services, specifically as President of International at J.P. Morgan, was elected to fill a vacancy on the Board. Ms. Miller's appointment brings significant operational and strategic leadership expertise, particularly in global expansion and financial management, to Progressive's governance. In addition to joining the Board, Ms. Miller was appointed to the Audit Committee, replacing Stephen Hardis. This move suggests a strategic enhancement of the Audit Committee's capabilities with Ms. Miller's financial background. Investors should note that Ms. Miller's compensation will align with that of other non-employee directors, as detailed in the company's proxy materials.
Key Highlights
- 1Heidi Miller elected to Progressive's Board of Directors on June 16, 2011.
- 2Ms. Miller's term as a director extends to the Annual Meeting of Shareholders in April 2012.
- 3Ms. Miller brings significant experience as President of International at J.P. Morgan.
- 4She was appointed to serve on the Board's Audit Committee.
- 5Stephen Hardis was removed from the Audit Committee concurrent with Ms. Miller's appointment.
- 6Ms. Miller's compensation as a director will be standard for non-employee directors.
- 7No arrangements or understandings preceded Ms. Miller's election to the Board.