This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Erie Indemnity Company Appoints New Chief Information Officer

ERIE, Pa., July 30, 2012 /PRNewswire/ -- Erie Indemnity Company (NASDAQ: ERIE) today announced the appointment of Robert C. Ingram III as executive vice president and chief information officer (CIO), beginning Monday, August 13. In this role, Ingram will be responsible for ongoing design of the company's IT strategy and further development of its technology platform. Erie Indemnity Company is the attorney-in-fact for the subscribers at Erie Insurance Exchange and manages the other companies of the Erie Insurance Group.

Ingram joins the company from The Hartford Financial Services Group where he served since August 2009, most recently as senior vice president and CIO for commercial lines. In that role, he also served as CIO for Hartford's Investment Management Company and Enterprise Risk Management. Prior to Hartford, Ingram held CIO positions at Safeco and at USAA's property and casualty company.

Ingram holds both an MBA in finance and accounting and a bachelor's degree in business management from Texas A&M University.

The company also announced that Ingram will receive certain stock-based awards as an inducement material to his acceptance of employment with the company, including a grant of 5,600 restricted stock units. One-half of the restricted stock units vest on January 1, 2014 with the remainder vesting on August 13, 2015, provided he remains continuously employed with the company through those dates. Vested restricted stock units will result in the delivery to Ingram of one share of Erie Indemnity Company Class A common stock per vested unit. In addition, Ingram will receive up to 7,793 performance shares that are designed to mirror the award he would have received under the  company's Long Term Incentive Plan (LTIP) had he been eligible to participate in the 2012-2014 performance period under the LTIP, prorated for the number of days during the performance period that he was employed with the  company. Performance shares represent the right to receive shares of the company's Class A common stock. Awards, if any, for the 2012-2014 performance period will vest on December 31, 2014.

These employment inducement awards were made outside of the company's stockholder approved equity plan. A majority of the company's independent directors approved the equity awards in reliance on an employment inducement exception to shareholder approval provided by Section 5635(c)(4) of the NASDAQ Marketplace Rules.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.27 0.00%
FB $101.00 0.00%
GOOG $684.12 0.00%
TSLA $143.67 0.00%
YHOO $27.10 0.00%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs