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.
Frequently Asked Questions
Dr. Sheares informed the Company of his decision not to seek re-election at the 2018 Annual Meeting of Shareholders. The filing explicitly states that this decision is not the result of any disagreement with the Company or the Board of Directors.
Philip Bleser, aged 62, was elected to the Board of Directors to fill a vacancy. His election was effective August 4, 2017, and his term will run until the 2018 Annual Meeting. He was elected by the Board following an amendment that increased the Board's size.
Yes, the Board of Directors approved an amendment to the Company's Code of Regulations to expand the size of the Board from 10 to 11 members. This amendment was effective immediately and created the vacancy that Mr. Bleser was elected to fill.
No, Mr. Bleser's compensation as a director will be provided on the same basis as that of the Company’s other non-employee directors. Details of this compensation can be found in Progressive's March 31, 2017 Proxy Statement.