Business Context and Reporting Period
This Form 8-K Current Report was filed by Assurant, Inc. on May 18, 2021, regarding events occurring on May 13, 2021. The filing addresses significant changes in executive leadership and associated compensatory arrangements.
Key Financial Metrics
This filing does not contain operational financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive appointments and compensation adjustments.
Material Changes
- Executive Departure: Alan B. Colberg, President, Chief Executive Officer, and Director, announced his retirement effective December 31, 2021. He ceased serving as President effective May 18, 2021.
- Executive Appointment: Keith W. Demmings was appointed President effective May 18, 2021. He is scheduled to become Chief Executive Officer and Director effective January 1, 2022, subject to regulatory approval.
- Compensation Adjustments for Mr. Demmings:
- Annual base salary increased from $545,000 to $700,000.
- Target annual incentive opportunity increased from 100% to 110% of base salary.
- Target long-term incentive opportunity increased from 225% to 365% of adjusted base salary.
- Equity award granted on May 18, 2021, with a grant date value of approximately $1,400,000 (25% Restricted Stock Units, 75% Performance Stock Units).
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding business performance. The primary contingency noted is that Mr. Demmings' appointment as CEO and Director is subject to customary regulatory approval. No unusual items or new risk factors were disclosed in this report.
Investor Verification Checklist
- Verify the regulatory approval status for Keith W. Demmings' appointment as CEO and Director.
- Review the vesting schedules for the $1,400,000 equity award (RSUs vesting over three years; PSUs vesting in May 2024).
- Confirm the transition timeline for Alan B. Colberg's retirement on December 31, 2021.
- Check the Company's 2021 proxy statement for details on other compensation and benefits programs applicable to Mr. Demmings.