The Board of Directors of FBL Financial Group, Inc. (NYSE: FFG) announced today that Chief Executive Officer James E. Hohmann will be stepping down effective June 30, 2012. He will also be stepping down from the FBL Financial Group board. Current Chief Financial Officer, James P. Brannen, has been named interim Chief Executive Officer until a successor can be appointed.
“When I was hired as CEO of FBL Financial Group the company was struggling to address the serious challenges brought upon by the financial crisis. Over these past three years, FBL Financial Group has had tremendous success. We dramatically strengthened our capital position, increased profitability and grew our business culminating in Fortune Magazine recognizing us as one of their Top 100 Fastest-Growing Companies based upon revenue, operating income and total return to shareholders. We significantly changed the risk profile and focus of the company through the recent sale of EquiTrust Life. With the transition of its operations nearly complete and FBL in a financially strong position, the time is right for me to move on and to find a new challenge,” said Hohmann.
Craig D. Hill, Chairman of the Board, commented, “On behalf of FBL Financial Group and our Board of Directors, I would like to thank Jim for his service to FBL and his contributions to our success. During Jim’s tenure as CEO, FBL successfully completed its largest-ever business transaction and became a financially stronger and more focused organization. He delivered exceptional shareholder value and our stock price has well outpaced the industry. At his hiring, our stock price was $5.52 and under his leadership it topped out at over six times that level.”
James P. (Jim) Brannen, currently serving as Chief Financial Officer, Chief Administrative Officer and Treasurer of FBL Financial Group, has been named interim Chief Executive Officer and will lead the organization until a permanent replacement is named. The FBL Board of Directors expects to implement a process to identify and name a permanent CEO by the end of the year.