Gallagher Announces Dividend, Adds To Board
NU Online News Service, Nov. 26, 3:34 p.m. EST?Arthur J. Gallagher announced it is paying a quarterly cash and it has elected a new member to its board of directors.
The Itasca, Ill. ? based insurance broker said it would pay a dividend of 15 cents per share of common stock on Jan. 15, 2003, to shareholders of record as of Dec. 31.
For the third quarter, AJG reported net income fell 44 percent from last year, going from $41.9 million to $23.3 million. However, revenues increased 29 percent in the same quarter, going from $229.6 million to $297 million.
The firm also announced that its board of directors elected Elbert O. Hand to serve as a member of the board for a term ending in 2005.
Stockholders will be asked to ratify his election during its annual stockholder's meeting next year.
Mr. Hand is chairman and chief executive officer of the Chicago?based manufacturing and retailing firm, Hartmarx Corp.
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