Summary
This 8-K filing from Progressive Corp. (PGR) on August 4, 2017, primarily details changes to its Board of Directors. Notably, director Bradley T. Sheares, who has served since 2003, will not seek re-election at the 2018 Annual Meeting of Shareholders. His departure is not due to any disagreement, ensuring a smooth transition. To fill a newly created vacancy, the Board elected Philip Bleser as a director, effective August 4, 2017. This expansion of the Board size from 10 to 11 members was approved via an amendment to the Company's Code of Regulations. Mr. Bleser's compensation will align with that of other non-employee directors.
Key Highlights
- 1Director Bradley T. Sheares will not stand for re-election in 2018, concluding a long tenure since 2003.
- 2Dr. Sheares's decision to not seek re-election is amicable and not driven by any disagreements with the company or its board.
- 3Philip Bleser has been elected to the Board of Directors, effective August 4, 2017.
- 4The Board size has been expanded from 10 to 11 members to accommodate the new director.
- 5This expansion was approved through an amendment to Progressive Corp.'s Code of Regulations.
- 6Mr. Bleser's term will expire at the 2018 Annual Meeting of Shareholders.
- 7Mr. Bleser will receive compensation consistent with other non-employee directors.