To enhance corporate governance structure
Presidential Life has appointed its current director William Trust, Jr. to the newly established position of lead independent director on its board. The company through its wholly owned subsidiary Presidential Life Insurance Company, is engaged in the sale of annuities and insurance products.
In the newly created position, Mr Trust will serve as the principal liaison on board-wide issues between the independent directors and the chairman and management directors. His appointment was formally approved at a board meeting on November 4, 2009.
Prior to this, Mr Trust has been a director of the company since May 2008 and is currently chairman of the finance and investment committee, and a member of the nomination and governance committee.
Previously, Mr Trust held the positions of president, CEO and chief financial officer in several privately held companies. His also served in verity of positions including controller of a NYSE-listed company and chief accounting officer of an investment banking firm. Mr Trust also served as executive director of an international architectural firm and the executive vice president of an international transportation holding company.
Donald Barnes, vice chairman of the board, CEO and president of Presidential Life, said: “With his extensive experience and leadership skills, Bill has been an invaluable Director since joining the Board. In his new role, we believe that Bill’s unique insight, financial knowledge and familiarity with the Company will enhance our corporate governance structure and serve our shareholders well.”