- Push-out Score determined
- After about seven years in the position
- Accolades, praise and thanks for Brannen
- Search for a successor
- Brannen said 104 words
(exechange) — West Des Moines, Iowa, September 12, 2019 — Jim Brannen, chief executive of FBL Financial, leaves. As announced by FBL Financial Group Inc. in a news release and in a regulatory filing published on Thursday, September 12, 2019, James P. (Jim) Brannen leaves his post as Chief Executive Officer at the financial services holding company after about seven years in the role, effective in early 2020.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.3 years, according to data compiled by exechange.
FBL Financial will undertake a search for a successor.
“Significant emphasis on leadership development and succession planning”
A reason for Jim Brannen’s departure from the CEO post was not explicitly provided. Brannen said: “With our significant emphasis on leadership development and succession planning, I know the best years for our organization lie ahead.”
Precise information regarding Jim Brannen’s future plans was not immediately available.
FBL Financial said: “James P. (Jim) Brannen, Chief Executive Officer, has notified the board of directors that he plans to retire in early 2020.”
FBL Financial further said: “James P. Brannen, Chief Executive Officer of FBL Financial Group, Inc. (the “Company”), has notified the Company’s Board of Directors that he plans to retire in early 2020.”
Share price decline
The announcement follows a decline in FBL Financial Group, Inc.’s share price of 27% since September 2018.
Chaired by Craig D. Hill
FBL Financial Group, Inc. is chaired by Craig D. Hill.
Craig D. Hill, Chairman of the Board and chair of the Executive Committee, has been a Class B Director since 2007 and previously from 2002 to 2004.
In the position of CEO since 2012
Jim Brannen became CEO of the Company in August 2012.
Brannen was named Chief Executive Officer in August 2012.
Prior to his appointment as Chief Executive Officer, he served as Chief Financial Officer, Chief Administrative Officer and Treasurer since 2007.
Brannen joined FBL in 1991 and held various positions in the tax and accounting areas prior to being named Vice President – Finance in 2000.
Prior to joining FBL, Brannen managed corporate tax matters for insurance companies at Ernst &Young. Since October of 2015, Brannen has served on the board of directors of public company Great Western Bancorp, Inc. and its bank subsidiary, Great Western Bank.
He is a graduate of the University of Iowa with a major in accounting.
He is a member of the American Institute of Certified Public Accountants and the Iowa Society of Certified Public Accountants.
Brannen serves in several civic and industry organizations, including the board of directors of the Greater Des Moines Partnership and the Iowa Business Council, and the Board of Governors of the Property Casualty Insurers Association of America.
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 FBL Financial and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 37.2019 ($).