HOUSTON, Nov. 6 /PRNewswire/ -- American General Financial Group
(NYSE: AGC) today announced the formation of a senior management committee and
the appointment of a group executive for each of its three operating
divisions. The senior management committee will have responsibility for
developing, coordinating, and implementing the overall business strategy of
the American General Financial Group. This new management structure enables
American General to further develop and integrate its three business divisions
and positions the company to meet the challenges of the rapidly evolving
financial services market.
The group executives for the three operating divisions are: James S.
D'Agostino, Jr., vice chairman and group executive - Consumer Finance; Rodney
0. Martin, Jr., vice chairman and group executive - Life Insurance; and,
Thomas L. West, Jr., vice chairman and group executive - Retirement Services.
The group executives will serve as members of the senior management committee.
The senior management committee will be chaired by Robert M. Devlin,
chairman and CEO, who will assume the additional title of president, and Jon
P. Newton, vice chairman. Mr. Newton continues as the second-ranking officer
of the company with responsibility for coordinating the day-to-day activities
of American General Financial Group. Mr. Newton, along with the three group
executives, report directly to Mr. Devlin. Also joining the committee are
Mark S. Berg, executive vice president and general counsel; Richard W. Scott,
president of American General Investment Management, L.P., and chief
investment officer; and Ellen H. Masterson, senior vice president and chief
financial officer.
Commenting on the announcement, Robert M. Devlin said, "This new structure
integrates the management of our operating divisions and builds a cohesive
business approach to best meet the changing needs of our markets. This
structure brings our operating divisions together under unified management
while enabling each division to focus on serving its customers.
"The formation of this senior management committee best utilizes our
management talent and positions the company to capitalize on the opportunities
developing in the financial services marketplace. These executives are now
positioned as key members of the management team that will formulate and
execute an integrated strategy for our diverse operations. As a result, our
company has a management structure that will further our leading position in
the dynamic financial services industry."
American General Financial Group is one of the nation's largest
diversified financial services organizations, with assets of $102 billion and
market capitalization of $18 billion. Headquartered in Houston, it is a
leading provider of retirement services, life insurance, and consumer loans to
over 12 million customers. American General common stock is listed on the New
York, Pacific, London, and Swiss stock exchanges.
SOURCE American General Corporation
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CONTACT:
investors, David W. Entrekin, Vice President
- Investor Relations, 212-446-3109, or media, John E. Pluhowski,
Director - Corporate Communications, 713-831-1149, both of
American General Financial Group
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