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AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

(AEL)
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AMERICAN EQUITY INVESTMENT LIFE HOLDING CO : Change in Directors or Principal Officers (form 8-K)

09/02/2021 | 06:02am EDT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On August 31, 2021, the American Equity Investment Life Holding Company (the "Company") Board of Directors appointed Axel André Executive Vice President and Chief Financial Officer, effective upon Mr. André's employment on September 7, 2021 and through the Company's next annual shareholder meeting. Mr. André, 45, served as Executive Vice President and Chief Financial Officer of Jackson National, an annuity and investment management firm, during 2020 and 2021. As Chief Financial Officer, Individual Retirement for global insurer AIG from 2018 to 2020, Mr. André oversaw all aspects of the finance and actuarial value chain, including asset-liability management ("ALM"), hedging, financial planning and reporting, and capital management of the Individual Retirement business. Mr. André served as Chief Risk Officer for AIG Individual Retirement, Group Retirement, and Institutional Markets, from 2016 through 2017, overseeing market risk and ALM across AIG's entire balance sheet, and all aspects of risk management for the Individual, Group Retirement, and Institutional Markets businesses. Mr. André's initial annual salary rate will be $600,000 and his short-term incentive opportunity target will be 175% of base salary, with actual payment based on company and individual goals and prorated for 2021. Mr. André's long-term incentive target will be 200% of base salary, also subject to performance goals. The Company will grant Mr. André stock options with an initial grant value of $400,000 (vesting annually in thirds) and a cash sign-on payment of $200,000 less applicable withholding, effective with his start, and offer Mr. André a two-year change in control agreement consistent with agreements it has with other executive officers. The Company will also reimburse Mr. André for temporary housing costs in Des Moines, Iowa for up to one year, and its standard relocation benefits should the Company determine Mr. André should relocate to Des Moines. Mr. André will also participate in other compensation programs for Company executive officers and generally applicable employee benefit programs.

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Financials (USD)
Sales 2021 2 337 M - -
Net income 2021 327 M - -
Net Debt 2021 - - -
P/E ratio 2021 9,76x
Yield 2021 1,01%
Capitalization 3 118 M 3 118 M -
Capi. / Sales 2021 1,33x
Capi. / Sales 2022 1,21x
Nbr of Employees 656
Free-Float 88,6%
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 33,70 $
Average target price 35,33 $
Spread / Average Target 4,85%
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Managers and Directors
Anant Bhalla President, Chief Executive Officer & Director
Axel AndrÚ Executive Vice President & Chief Financial Officer
David S. Mulcahy Non-Executive Chairman
James Michael Gerlach Independent Director
Alonzo J. Lonnie Strickland Independent Director