NU Online News Service, Sept. 14, 2:37 p.m. EDT
Horace Mann Educators Corp. said it plans to keep its chief executive despite a drunk driving conviction that will keep him in jail for 60 days.
The board of directors of the Springfield, Ill.-based insurer said yesterday afternoon that Chief Executive Officer Louis Lower will return to his post in October after he serves time in Florida for a drunk driving conviction.
According to reports, Mr. Lower pled guilty to the Memorial Day weekend incident that involved an accident with another car. No one was hurt.
Chief Financial Officer Peter Heckman will serve as interim CEO until that time, according to a company statement.
Reaffirming their confidence in Mr. Lower, the board explained that Mr. Lower pled guilty to a charge of driving under the influence in Florida last Wednesday.
The board said that Mr. Lower began serving out his 60-day sentence in the county jail last week.
The board of the 65-year-old multiline insurance company for educators, held meetings over the weekend to discuss the situation, the announcement said.
In a statement, board Chairman Gabriel Shaheen said of the DUI incident that the board "was understandably dismayed by this situation, placed Mr. Lower on leave of absence and will be considering whether additional disciplinary actions are appropriate."
He added, however, that in light of Mr. Lower's exemplary service in the Springfield and insurance communities, his contrition and acceptance of full responsibility for his actions, and the fact that this is his first offense, he will return to his CEO responsibilities in late October or early November.
"The board continues to have full confidence in the company's direction, its strategic initiatives and the progress being made on those initiatives. That direction and the strategic initiatives supporting that direction were developed and were being implemented under Mr. Lower's leadership," Mr. Shaheen said.
Mr. Lower said in a statement, "There are no excuses to offer other than a lapse of personal character for which I take full responsibility. My promise is to learn from this extremely challenging period in my life, move forward and emerge a stronger person."
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