Item 1.01. Entry Into a Material Definitive Agreement
The information set forth in Item 5.02 below is incorporated herein by reference.
Item 5.02. Departure of Directors or Certain Officers: Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On February 20, 2025, F&G Annuities & Life, Inc. ("we," the "Company" or "F&G") announced that Wendy Young will transition from her Chief Financial Officer role on April 1, 2025 to become F&G's Chief Liability Officer, a newly created position. In conjunction with this transition, the Company has appointed Conor Murphy as its new Chief Financial Officer, effective April 1, 2025.
Mr. Murphy, who is 56, is an experienced executive with extensive industry experience having previously served as President and CEO of Resolution Life US. Prior to Resolution Life, Mr. Murphy spent five years as Executive Vice President and Chief Operating Officer at Brighthouse Financial (BHF) where he oversaw the company's operations during the transition from MetLife, as well as managing the company's life and annuity businesses including product development, pricing and underwriting. Mr. Murphy was also responsible for BHF's strategy and finance functions including serving as interim CFO. Prior to joining BHF, Mr. Murphy held multiple senior positions at MetLife over his 17-year tenure including being MetLife's first European CFO as well as CFO of Latin America. Prior to MetLife, Mr. Murphy spent seven years in the financial services practice at PricewaterhouseCoopers where he managed significant insurance client relationships.
Mr. Murphy is not a party to any related party transactions with the Company.
We have entered into an employment agreement with Mr. Murphy, with an effective date of April 1, 2025 and an initial term of three years, with automatic one-year extensions beginning on the third anniversary of the effective date unless either party gives prior written notice of termination.
During the term of the agreement, Mr. Murphy will receive a minimum annual base salary of $550,000 per year, will be eligible to receive an annual incentive bonus of 100% of his annual base salary (with a maximum incentive of up to 200% of his annual incentive target), and is entitled to the benefits we provide our other employees generally. In addition, Mr. Murphy's employment agreement provides that he will receive (1) a one-time lump-sum cash bonus in the amount of $500,000, less applicable withholding taxes, on the first regularly scheduled payroll after the effective date, subject to repayment in the event that Mr. Murphy resigns his position from the Company without Good Reason or is terminated by the Company for Cause (in each case, as such term is defined in the employment agreement) on or before April 1, 2026, and (2) a one-time performance-based restricted stock award with a value of $3 million under the Company's 2022 Omnibus Incentive Plan, which award will vest in three equal annual installments beginning the first anniversary of the grant date, subject to satisfaction of a performance condition.
The employment agreement provides that Mr. Murphy will be eligible to participate in the Company's equity incentive plans and the Company will recommend, subject to the compensation committee's approval, that he receive an annual equity award with a value of $3 million on the same terms and conditions as equity incentive awards provided to other Company senior executives. The Employment Agreement also contains provisions related to the payment of benefits upon certain termination events.
The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement, which we expect to file as an exhibit to our Form 10-K for the year ended December 31, 2024.
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F&G Annuities & Life Inc. published this content on February 25, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 25, 2025 at 21:12:46.254.
