American Equity's CEO on leave of absence
June 17, 2012 by N/A
The annuities seller says Wendy Waugaman’s family deserves privacy.
11:21 PM, Jun 8, 2012 |
American Equity Investment Life Holding Co.’s CEO and president will take a medical leave of absence, effective immediately, the company announced Friday.
The company did not disclose any further information about the health of Wendy Waugaman, 51, who has been president and CEO since Jan. 1, 2009.
Chief Financial Officer John Matovina will serve as interim CEO and president during Waugaman’s absence, the company said.
Matovina has served on American Equity’s board of directors since 2000 and has served as vice chairman since 2003 and CFO since 2009.
“The board has a great deal of confidence in Mr. Matovina and the entire leadership team of American Equity, and we believe the success and stability of the company will continue during Mrs. Waugaman’s absence,” said David Noble, executive chairman, and Robert Howe, American Equity’s lead independent director, in a statement. “In order to provide Mrs. Waugaman and her family the privacy they deserve, we will not be commenting further.”
American Equity said Waugaman will remain on the board of directors and “will participate in certain management and strategic discussions as her health permits.”
The West Des Moines-based seller of indexed and fixed-rate annuities posted an operating profit of $29.8 million in the first quarter, a slight decline from the same quarter a year ago.
American Equity employs about 400 people in metro Des Moines.
Waugaman, a lawyer and certified public accountant, joined American Equity in June 1999 as chief financial officer and general counsel.
Before that, Waugaman served as outside corporate counsel from the company’s inception in 1995.
Waugaman was previously a partner in the law firm of Whitfield & Eddy in Des Moines, where she started in 1985.
Waugaman serves on the board of trustees of Buena Vista University, is president of the Des Moines Metro Opera Foundation board of trustees, is president of the Federation of Iowa Insurers and serves on numerous community boards, according to the company’s website.
She received her bachelor’s degree from Drake University and a law degree from Notre Dame.
AEL’s stock finished the day up 8 cents to $10.60 Friday.