American Equity Appoints Dewayne Lummus as Chief Accounting Officer

Rhea-AI Summary

American Equity Investment Life Holding Company (NYSE: AEL) has appointed Dewayne Lummus as Senior Vice President and Chief Accounting Officer, effective November 30, 2021. Lummus brings extensive experience from Equitable and Teachers Insurance and Annuity Association of America, aiming to enhance American Equity's financial strategies. Scott Samuelson will transition to Controller for the Insurance and Reinsurance division. This leadership change is positioned as a vital step during a transformative phase for the company, which focuses on providing financial dignity in retirement.

Positive

• Dewayne Lummus brings significant experience in strategic finance, expected to enhance American Equity's financial performance.
• Appointment aligns with the company's focus on executing financial priorities during a transformational period.

Negative

• Transition of Scott Samuelson, while necessary, may pose continuity concerns in the Controller role.

WEST DES MOINES, Iowa--(BUSINESS WIRE)-- American Equity Investment Life Holding Company® (NYSE: AEL) (American Equity) announced today that its Board of Directors has appointed Dewayne Lummus Senior Vice President and Chief Accounting Officer, effective November 30, 2021. Scott Samuelson will transition into a new role as Controller for American Equity’s Insurance and Reinsurance business, including all related transactions.

“We are thrilled to welcome Dewayne to our team,” said Axel André, Chief Financial Officer of American Equity. “We feel his depth of experience guiding strategic finance initiatives will help shape American Equity as we continue executing on tactical and financial priorities during this transformational period.”

“I’m pleased to join the talented team at American Equity,” added Dewayne Lummus. “I couldn’t be more honored to contribute to their long-term journey of delivering financial dignity in retirement to their contract owners.”

Mr. Lummus served as Managing Director and Corporate Controller of Equitable from 2019 until 2021, where he oversaw all aspects of its accounting, financial reporting, reinsurance accounting and administration, and finance systems strategy. Mr. Lummus served as Chief Financial Officer, Retail Financial Products, for Teachers Insurance and Annuity Association of America from 2015 through 2019, where he oversaw its advice-centric, segment-focused brokerage, insurance, educational savings and wealth management solutions. He holds a Bachelors in Accounting from Kennesaw State University.

ABOUT AMERICAN EQUITY

At American Equity Investment Life Holding Company, we think of ourselves as The Financial Dignity Company that offers solutions designed to create financial dignity in retirement. Our policy holders work with independent agents, banks and broker-dealers, through our wholly-owned operating subsidiaries, to choose one of our leading annuity products best suited for their personal needs. To deliver on our promises to policy holders, American Equity has re-framed our investments focus, building a stronger emphasis on insurance liability driven asset allocation as well as the origination and management of private assets. Our company is headquartered in West Des Moines, Iowa with satellite offices slated to open in 2022 in Charlotte, NC and New York, NY.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211105005809/en/

Steven Schwartz | Head of Investor Relations

American Equity Investment Life Holding Company®

515-273-3763 | sschwartz@american-equity.com

Source: American Equity Investment Life Holding Company

FAQ

Who is Dewayne Lummus and what is his role at American Equity?

Dewayne Lummus has been appointed Senior Vice President and Chief Accounting Officer, effective November 30, 2021.

What was Scott Samuelson's previous role at American Equity?

Scott Samuelson served as Chief Accounting Officer before moving to the role of Controller for the Insurance and Reinsurance business.

What experience does Dewayne Lummus bring to American Equity?

Lummus previously served as Managing Director and Corporate Controller at Equitable and CFO at Teachers Insurance and Annuity Association, overseeing various financial operations.

What are the potential impacts of the new leadership at American Equity?

The leadership change is expected to positively influence financial strategies and enhance the company's execution of its objectives.