SPRINGFIELD, Ill., Sept. 13 /PRNewswire/ -- The Board of Directors
of Horace Mann Educators Corporation (NYSE: HMN) announced today a
situation involving President and Chief Executive Officer
Louis G. Lower.
Lower was involved in a traffic accident in Florida over Memorial
Day weekend, and was charged with misdemeanor driving under
the influence (DUI) with property damage or personal injury.
Lower pled guilty to the charge and last Wednesday, September 8th, at the conclusion of
due process, was sentenced to serve time in the county jail. Lower
began serving his sentence that same day.
"There are no excuses to offer other than a lapse of personal
character for which I take full responsibility," said Lower.
"My promise is to learn from this extremely challenging
period in my life, move forward and emerge a stronger person."
Upon learning of Lower's sentence, the Board held meetings over
the weekend to discuss the situation. "The Board was
understandably dismayed by this situation, placed Mr. Lower on
leave of absence and will be considering whether additional
disciplinary actions are appropriate," said Gabriel Shaheen, Chairman of the Board of Horace
Mann Educators Corporation. "Nonetheless, the Board continues to
have full confidence in the company's direction, its strategic
initiatives and the progress being made on those initiatives.
That direction and the strategic initiatives supporting that
direction were developed and were being implemented under Mr.
Lower's leadership. And in light of his exemplary service in the
Springfield and insurance
communities, his contrition and acceptance of full responsibility
for his actions, and the fact that this is his first offense, he
will return to his CEO responsibilities in late October or early
November," said Shaheen.
"I have asked Chief Financial Officer Peter Heckman to assume the additional
responsibility of interim CEO with the direction to both him and
the senior management team to ensure that we continue to conduct
business as usual," said Shaheen. "The Board and I have
complete confidence in Mr. Heckman and the senior team and we know
Horace Mann is in extremely capable
hands."
Horace Mann -- the largest
national multiline insurance company focusing on educators'
financial needs -- provides auto and homeowners insurance,
retirement annuities, life insurance and other financial solutions.
Founded by Educators for Educators(R) in 1945, the company
is headquartered in Springfield,
Ill. For more information, visit www.horacemann.com.
Statements included in this news release that are not historical
in nature are forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995 and are subject to certain
risks and uncertainties. Horace Mann is not under any
obligation to (and expressly disclaims and such obligation to)
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Please
refer to the company's Quarterly Report on Form 10-Q for the period
ended June 30, 2010 and the company's
past and future filings and reports filed with the Securities and
Exchange Commission for information concerning the important
factors that could cause actual results to differ materially from
those in forward-looking statements.
SOURCE Horace Mann Educators Corporation
Copyright . 13 PR Newswire