Lincoln Financial Group Creates New Management Position to Sharpen Focus on Long-Term Strategy and Investments
Frederick J. Crawford to Assume Role upon Completion of Search for New CFO
PHILADELPHIA, March 16, 2010 Lincoln Financial Group (NYSE: LNC) today announced that it is creating a new senior management role with a focus on long-term strategic planning, corporate development and investments. Frederick J. Crawford, Executive Vice President and Chief Financial Officer, will transition to the newly created position of Executive Vice President, Corporate Development and Investments. Crawford will remain in his current position until a successor is named.
In his new position, Crawford will continue to report to President and CEO Dennis R. Glass. His responsibilities will include Corporate Development, Mergers and Acquisitions, General Account Management, Commercial Real Estate, Corporate Investments and a more active role with Government Affairs. He will remain a member of the Senior Management Committee, Investment Committee, and Enterprise Risk Committee.
"Lincoln has emerged from the financial crisis with a strong and resilient franchise and a solid balance sheet," said Glass. "Looking forward, the pace of structural and regulatory change in our industry and the capital markets is likely to accelerate, and companies that anticipate and address these changes will be the winners. In this environment, we believe a sharper focus on long-term strategy and investments will be important. We are fortunate that this is also the right time in his career for Fred to take on new responsibilities and challenges, and we believe his experience and skill set are a good fit for this new role."
Crawford said, "With the company on sound financial footing, I look forward to diving deeper into the strategic issues facing our business, leveraging my years of experience as CFO to help Lincoln capitalize on growth opportunities in the marketplace, and providing greater focus on our general account investment strategy."
Lincoln has engaged Spencer Stuart to assist in the CFO search, which will evaluate both internal and external candidates.
About Lincoln Financial Group
Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. With headquarters in the Philadelphia region, the companies of Lincoln Financial Group had assets under management of $141 billion as of December 31, 2009. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life and disability insurance; 401(k) and 403(b) plans; savings plans; and comprehensive financial planning and advisory services. For more information, including a copy of our most recent SEC reports containing our balance sheets, please visit www.LincolnFinancial.com.