- Push-out Score determined
- After almost 11 years in the position
(exechange) — McKinney, Texas, October 26, 2022 — Larry Hutchison, co-chief executive of Globe Life, leaves his position. As announced by Globe Life Inc. in a news release and in a regulatory filing published on Wednesday, October 26, 2022, Larry M. Hutchison leaves his post as co-chief executive officer at the provider of life and health insurance coverage, after almost 11 years in the role, effective December 31, 2022.
Effective December 31, 2022, co-chief executive officer Gary L. Coleman will also leave his post.
Coleman’s and Hutchison’s duties as Co-CEOs will be taken over by J.Matthew Darden and Frank M. Svoboda, currently Chief Strategy Officer (Darden); and Chief Financial Officer (Svoboda) at Globe Life Inc., as Co-Chief Executive Officers.
“Culmination of a robust, thoughtful succession planning process”
The management change is explained as follows. Linda Addison, lead independent director, said: “This transition is the culmination of a robust, thoughtful succession planning process that began many years ago.”
“Effective December 31, 2022, Co-Chairmen and Co-Chief Executive Officers Gary L. Coleman and Larry M. Hutchison will step down as Co-Chief Executive Officers. They will continue to serve in an executive capacity as Co-Chairmen of the Board of Directors on and after such date,” Globe Life said.
“Step down”
Globe Life said: “Effective December 31, 2022, Co-Chairmen and Co-Chief Executive Officers Gary L. Coleman and Larry M. Hutchison will step down as Co-Chief Executive Officers.”
Globe Life further said: “On October 24, 2022, Gary L. Coleman and Larry M. Hutchison, Co-Chairmen and Chief Executive Officers of Globe Life Inc. (“Globe Life”), each notified the Board of Directors of Globe Life that he would step down from his position as Chief Executive Officer, effective December 31, 2022.”
“Does not involve any disagreement”
“This change does not involve any disagreement with Globe Life’s operations, policies or practices,” Globe Life said.
Share price increase since October 2017
The announcement follows an increase in Globe Life Inc.’s share price of 43% since October 2017.
In the position of CEO since 2012
Larry Hutchison became CEO of the Company in 2012.
Principal occupation: Co-Chairman of the Company since April 2014 and Co-Chief Executive Officer since June 2012.
Hutchison received a B.B.A. in Economics from the University of Iowa and a J.D. from Drake University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Larry Hutchison’s move on a scale of 0 to 10.
exechange reached out to Globe Life and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2022 ($).