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Posted 13 September, 2021

CITIZENS, INC. appointed new CEO

CEO Change detected for ticker NYSE:CIA in a 8-K filed on 13 September, 2021.


  The earn-out of the STI Opportunity may be pro-rated for the number of days in 2021 that the Consultant acts as interim CEO if a new CEO is appointed prior to December 31, 2021.  

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Overview of CITIZENS, INC.
Financial Services • Life Insurance
Citizens, Inc. is a holding company, which engages in the provision of insurance and reinsurance services. It operates through the Life Insurance and Home Service Insurance segments. The Life Insurance segment primarily issues ordinary whole life insurance and endowment policies in U.S. dollar-denominated amounts to foreign residents. The Home Service Insurance segment focuses on the life insurance needs of the middle- and lower-income markets. The company was founded by Harold Eugene Riley in 1969 and is headquartered in Austin, TX.
Market Cap
$130M
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CITIZENS, INC. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers 


(e)


On September 8, 2021, the Board of Directors ("Board") of Citizens, Inc. (the "Company") approved the addition of a short-term incentive bonus opportunity of up to $700,000 (the "STI Opportunity") for Mr. Gerald W. Shields, who has been acting as Interim Chief Executive Officer of the Company since August 2020. Prior to this approval, Mr. Shields' consulting agreement only provided for a base salary. Given the length of time that Mr. Shields has been in this role, in recognition of his driving the corporate goals for 2021, and in line with the Company's pay-for-performance compensation philosophy, the Board believed that it was in the best interests of the Company and its shareholders to allow Mr. Shields to participate in the short-term cash incentive bonus program that had previously been approved for the executive officers and other management of the Company.


Accordingly, Mr. Shield's consulting agreement was amended to provide for the STI Opportunity for acting as interim CEO in 2021. The earn-out of the STI Opportunity may be pro-rated for the number of days in 2021 that the Consultant acts as interim CEO if a new CEO is appointed prior to December 31, 2021. The earn-out of the STI Opportunity will be based on the 2021 Milestones approved by the Board of Directors for 2021.


The above summary of the amendment to Mr. Shields' consulting agreement does not purport to be complete and is subject to, and is qualified in its entirety by, reference to the complete text of the Amendment No. 2 to Consulting Agreement, a copy of which will be filed as an exhibit to the Company's quarterly report on Form 10-Q for the quarter ending September 30, 2021.