COLUMBUS, Ga., Feb. 23 /PRNewswire/ -- Aflac, Inc. announced today that Daniel P. Amos, Chairman and Chief Executive Officer, has elected to forgo his 2008 bonus of $2.8 million that he earned based on achievement of operating performance measures. The board's compensation committee accepted his proposal recognizing that, although Aflac delivered a strong operating performance in 2008, it is not reflected in the company's stock price given the current turbulence in the stock markets.
In addition, Kriss Cloninger III, Aflac Incorporated President and Chief Financial Officer, voluntarily reduced his bonus by 35% or approximately $477,000.
"Even though Mr. Amos and Mr. Cloninger were entitled to their full operating bonuses -- and in 2008 Aflac outperformed the S&P 500, the S&P Life Index and the Dow -- the board agreed to accept their proposals," said Aflac Incorporated board member Robert B. "Ben" Johnson, chairman of the Compensation Committee. "We support their decision to voluntarily reduce their personal compensation as a demonstration of their commitment to our shareholders."
In 2008, Amos received a salary of $1.3 million and Cloninger received a salary of $857,700.
Additional discussion and analysis will be in the company's proxy statement.
About Aflac:
For more than 50 years, Aflac products have given policyholders the opportunity to direct cash where it is needed most when a life-interrupting medical event causes financial challenges. As the number one provider of guaranteed-renewable insurance in the United States and the number one insurance company in terms of individual insurance policies in force in Japan, Aflac insurance products provide protection to more than 40 million people worldwide. Aflac has been recognized by Ethisphere magazine as one of the World's Most Ethical Companies for two consecutive years and was also named by the Reputation Institute as the Most Respected Company in the Global Insurance Industry in 2008. In 2009 Fortune magazine recognized Aflac as one of the 100 Best Companies to Work For in America for the eleventh consecutive year. Aflac appears on Hispanic Enterprise magazine's list of the 50 Best Companies for Supplier Diversity and on Black Enterprise magazine's list of the 40 Best Companies for Diversity. Aflac was also named by Forbes magazine as America's Best-Managed Company in the Insurance category. Aflac Incorporated is a Fortune 500 company listed on the New York Stock Exchange under the symbol AFL. To find out more about Aflac, visit aflac.com
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