Presidential Life has appointed William Trust, current lead independent director, as non-executive chairman of the board. In his new role, Mr Trust will continue to build on the recent progress to enhance the company’s corporate governance initiatives following the resignation of Herbert Kurz as CEO in May 2009.
Mr Trust will also act as the primary liaison between the management team and the board of directors, preside over board meetings and the annual stockholders’ meeting, provide counsel and support to the CEO, and serve as an ex officio member of all board committees.
Donald Barnes, vice chairman of the board, president and CEO of Presidential Life, said: “On behalf of the entire board, we are extremely pleased that Bill has accepted this new role. Bill has played a critical role in the ongoing development and implementation of the company’s strategic plan and in enhancing our corporate governance structure since joining the board.
“In addition, he has consistently demonstrated the value of his extensive experience, leadership skills and financial knowledge since assuming his role as lead independent director in November 2009.”
Presidential Life, through its wholly owned subsidiary Presidential Life Insurance Company, is engaged in the sale of fixed deferred and immediate annuities, life insurance and accident & health insurance products.