- Push-out Score determined
- After seven years in the position
- Search for a successor
(exechange) — West Des Moines, Iowa, July 18, 2019 — John Matovina, chief executive of American Equity, leaves. As announced by American Equity Investment Life Holding Co. in a regulatory filing published on Thursday, July 18, 2019, John M. Matovina leaves his post as Chief Executive Officer at the company after seven years in the role.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.5 years, according to data compiled by exechange.
Matovina will continue to serve as CEO and President until a successor is appointed.
American Equity will undertake a search for a successor.
No reason given
In the announcement, American Equity did not explicitly explain the reason for John Matovina’s move.
Precise information regarding John Matovina’s future plans was not immediately available.
American Equity said: “John M. Matovina has notified the Board of Directors (the “Board”) of American Equity Investment Life Holding Company (the “Company”) of his intention to retire as the Company’s Chief Executive Officer (“CEO”) and President.”
Share price decline
The announcement follows a decline in American Equity Investment Life Holding Company’s share price of 28 percent since August 2018.
In the position of CEO since 2012
John Michael Matovina has been the Chief Executive Officer and President of American Equity Investment Life Holding Company since June 27, 2012.
John M. Matovina has served as a director since 2000.
He has served as Chairman since April 2017 and as Chief Executive Officer and President of the Company since 2012.
He served as Chief Financial Officer and Treasurer of the Company from 2009 to 2012 and as the Company’s Vice Chairman from 2003 to April 2017.
Matovina was a private investor and a financial consultant to the Company from 1997 to 2003.
From 1983 through 1996, he was a senior financial officer of The Statesman Group, Inc. (“Statesman”) and many of its subsidiaries, and, prior to Statesman’s acquisition in 1994, he served as Statesman’s Chief Financial Officer, Treasurer and Secretary.
Matovina is a certified public accountant and has more than 25 years of experience in the life insurance industry.
The Board will consider at a future date whether Matovina will continue to serve as Chairman of the Board following his retirement as CEO and President.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to American Equity and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 29.2019 ($).