Nov. 14, 2008
COLUMBUS, GA - Aflac Incorporated announced today that Aflac Chairman and CEO Daniel P. Amos has decided to forgo the "golden parachute" components in his employment contract
The first compensation component relates to a change-in-control provision. Under his original employment contract, Mr. Amos would have been entitled to receive three years of salary and bonus in the event of a change in control. By eliminating this provision of his contract, Mr. Amos is forgoing approximately $13 million of potential cash compensation. The second compensation component relates to severance compensation (salary and bonus) following termination of Mr. Amos' employment contract, which had provided for severance compensation of up to $13 million in cash.
About Mr. Amos' decision, Aflac Incorporated board member Robert B. "Ben" Johnson, chairman of the Compensation Committee, said: "The Compensation Committee believes that Mr. Amos' decision to forgo the 'golden parachute' components in his employment contract sends the correct message to Aflac shareholders. I want to emphasize that Mr. Amos reached this conclusion entirely independent of the board of directors. He felt strongly that there are no circumstances under which he would accept payment in the event of a change of control or severance. The members of Aflac's Compensation Committee, and in fact the entire board of directors, are proud of his decision. We believe it exemplifies Mr. Amos' strong leadership and an unwavering commitment to Aflac's shareholders."
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