National Financial Partners' CEO Discusses Q1 2012 Results - Earnings Call Transcript
Our first quarter earnings conference call will be accompanied by a presentation that is available for download on the Investor Relations section of NFP’s website or upon connecting to the audio webcast of this call at the same website. A reconciliation of the non-GAAP measures discussed on this call can be found in the presentation or in the quarterly financial supplement, which is available at the same website.
At this time, I’d like to turn the call over to our CEO, Jessica Bibliowicz.
Great, thanks, Abbe, and good morning, everyone. I’m pleased to talk about our first quarter results, but first, I will comment on the succession plan that we announced yesterday afternoon.
I have informed the Board that I intend to step down as CEO at the end of the first quarter of 2013. Doug Hammond, our COO, has been promoted to President, effective immediately. It is expected that Dough will assume the role of CEO in April, 2013, at such time, at the request of the Board, it is expected that I will become the non-executive Chairman.We have accomplished a lot at NFP over the past 13 years, with the right leadership in place in our core businesses, a strong strategy, a sound financial position and a deep talent bench, NFP is well positioned for continued growth. We believe that now is the right time for us to begin the implementation of a smooth year-long trans-management transition. Doug has been with NFP since its inception, serving it various key management positions. As our Chief Operating Officer since 2008, he has been instrumental in defining and implementing our strategy, including the reorganization of our business into client-centric segments, our balanced capital allocation approach and our focus on recurring revenues as well as our transition to a more unified brand. He is a proven leader with a deep understanding of our core businesses.
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