NU Online News Service, Oct. 8, 1:43 p.m. EDT
Standard & Poor's Rating Services said it expects no impact on the ratings of Horace Mann Educators Corp. after its chief executive resigned after one month into his 60-day sentence for a drunk driving charge.
S&P said the new chief executive and chief financial officer of Horace Mann Educators Corp. will provide appropriate leadership following the resignation of president and chief executive officer Louis Lower.
On Wednesday, the Springfield, Ill.-based insurer said Mr. Lower was retiring. The resignation included his seat on the board of directors.
The former executive was sentenced Sept. 8 in Florida to 60 days in jail on a charge of driving under the influence with property damage or personal injury after pleading guilty. The company had said they planned to keep Mr. Lower on as chief executive officer--a post he was scheduled to return to either late this month or early next month.
Horace Mann had said this was Mr. Lower's first offense.
The company continued its support of Mr. Lower, saying he "made many valuable contributions to the community and the company" during his 10 years with Horace Mann.
In a filing with the U.S. Securities and Exchange Commission, Horace Mann said Mr. Lower will receive retirement benefits. He is eligible to get about $250,000 and stock-based awards of about $3.7 million, according to the filing.
Peter Heckman, Horace Mann's chief financial officer who was serving as interim CEO while Mr. Lower was in jail, was named the new president and CEO. He has been with the company 10 years and began his insurance career with Allstate in 1972.
Dwayne Hallman, senior vice president, was named the new chief financial officer. Mr. Hallman joined Horace Mann in 2003 from Acceptance Insurance Companies.
S&P said its ratings of Horace Mann and its subsidiaries remain unchanged.
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