Monday August 24, 9:46 am Eastern Time
Penncorp Financial says Maib new
CEO, Pres
NEW YORK, Aug 24 (Reuters) - Insurance holding company
PennCorp Financial Group Inc. said Monday it had named Keith Maib its president and chief
executive, replacing David Stone.
Stone, who was president and chief executive and chairman, will continue as a director and
employee of PennCorp and assist in the sale of its non-core assets, such as its career sales
unit, PennCorp said in a statement.
The company is currently reviewing bids it received for the unit, comprised primarily of the
Pennyslvannia Life Insurance Co. and the Union Bankers Insurance Co.
In addition to Maib, the company said it had appointed David Smith, a director of the
company since 1994, as non-executive chairman of the board.
Smith will also serve as chairman of the board's audit committee and become a member of
the board's executive committee.
Smith is the former vice chairman of the tax division of KPMG Peat Marwick.
PennCorp also said that, in light of ongoing corporate developments, including inquiries
related to possible transactions involving the company or certain of its subsidiaries, it has
imposed a corporate ''blackout'' period.
During this period, directors and executive officers are forbidden from buying and selling
their PennCorp stock. |
