Fidelity & Guaranty Life Names Successor as CEO Retires
January 19, 2015 by David Pilla, news editor, BestWeek: David.Pilla@ambest.com
DES MOINES, Iowa – Fidelity & Guaranty Life Insurance Co. announced Chief Executive Officer Lee Launer, who is also a member of its board of directors, has elected to retire effective April 30 “to pursue outside interests.”
Under the group’s established management succession plan, the company (NYSE: FGL) also announced Christopher J. Littlefield, FGL’s current president, will become CEO when Launer retires. FGL said it expects to enter into an exclusive advisory services agreement with Launer “to provide for a seamless transition in leadership through the end of the 2015 calendar year.”
“I am extremely proud of what we accomplished during my tenure,” said Launer in a statement. “My passion for leading this great business is equaled only by my determination to pursue certain long-delayed interests, including several important charitable endeavors. Having worked with Chris these past few months, I have full confidence that the company will continue to successfully execute the strategic roadmap we set a little over a year ago during FGL’s IPO.”
Attempts to reach a Fidelity & Guaranty Life spokesperson for further comment were not immediately successful.
Last autumn, Fidelity & Guaranty Life named Littlefield as president (Best’s News Service, Oct. 7, 2014). At the time, the company said he would be responsible for several of the company’s operating units, including sales and distribution.
In December 2013, Fidelity & Guaranty Life, a unit of Harbinger Group Inc., launched its initial public offering of common stock, and the new publicly traded life insurance company’s shares starting trading on the New York Stock Exchange. Earlier, the company said the IPO was expected to raise nearly $200 million. Harbinger Capital Partners, a private equity firm and hedge fund, owns a 39% stake in Harbinger Group (Best’s News Service, Dec. 6, 2013). As of August 2014, Harbinger Capital Partners — through its three funds in aggregate — has about 21% equity interest in Harbinger Group.
Littlefield, who joined FGL as president in 2014, was formerly president and CEO of Aviva USA Corp., overseeing a business with more than $60 billion of assets under management and serving the insurance needs for more than 1 million customers.
Fidelity & Guaranty Life offers fixed annuity and life insurance products distributed by independent agents through a network of independent marketing organizations.
On the afternoon of Jan. 16, Fidelity & Guaranty Life stock was trading at $22.13 a share, down 0.18% from the previous close.
Fidelity & Guaranty Life Insurance Co. currently has a Best’s Financial Strength Rating of B++ (Good).