American Equity to Name New Chief Financial Officer

Rhea-AI Summary

American Equity Investment Life Holding Company (NYSE: AEL) announced that CEO Anant Bhalla will also serve as interim CFO, effective immediately. Ted Johnson has departed from the CFO role but will assist in the transition until late 2021 before leaving the company. A formal search for a new CFO has begun, with Egon Zehnder engaged for the process. This leadership change comes as the company continues to focus on its core business of fixed index annuities through independent agents.

Positive

• Anant Bhalla's dual role may ensure continuity in leadership during the transition.
• The company is taking proactive steps by engaging a search firm for a new CFO.

Negative

• The sudden departure of the CFO could indicate underlying issues within the company.
• Leadership transitions may create uncertainty for investors and stakeholders.

American Equity Investment Life Holding Company (NYSE: AEL) announced today that Chief Executive Officer Anant Bhalla is taking on additional responsibilities as interim Chief Financial Officer. Ted Johnson will no longer serve as Chief Financial Officer effective today and will work on an orderly transition until later in 2021, when he will exit the company. The company has launched a formal executive search for a new Chief Financial Officer by retaining executive search firm Egon Zehnder.

President and Chief Executive Officer Anant Bhalla remarked, “We thank Ted for his service and wish him well in his next opportunities. We are pleased he will remain with the company through the coming weeks to work on transition matters.”

ABOUT AMERICAN EQUITY

American Equity Investment Life Holding Company, through its wholly-owned subsidiaries, is a leading issuer of fixed index annuities through independent agents, banks and broker-dealers. American Equity Investment Life Holding Company, a New York Stock Exchange listed company (NYSE: AEL), is headquartered in West Des Moines, Iowa. For more information, please visit www.american-equity.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210521005517/en/

FAQ

Who is the new interim CFO of AEL?

Anant Bhalla, the current CEO, is taking on the additional role of interim CFO.

Why did Ted Johnson leave his position as CFO at AEL?

Ted Johnson is no longer serving as CFO effective immediately and will assist in an orderly transition until late 2021.

Is AEL searching for a new CFO?

Yes, American Equity has launched a search for a new CFO with the help of Egon Zehnder.

What is the impact of the CFO transition on AEL's business?

Leadership changes may lead to uncertainty, but Anant Bhalla's interim role aims to maintain continuity.