NEW YORK, May 20, 2013 /PRNewswire/ -- National
Financial Partners Corp. (NYSE: NFP), a leading provider of
benefits, insurance and wealth management services, today announced
that Douglas W. Hammond, president
and chief operating officer, has been named chief executive officer
(CEO), effective May 17, 2013. Mr.
Hammond succeeds Jessica M.
Bibliowicz, chairman and CEO of NFP. Ms. Bibliowicz, whose
intention to step down as CEO was announced in April 2012, served as NFP's CEO since joining the
company in April 1999, and as
chairman since June 2003.
Commenting on today's announcement, Ms. Bibliowicz said, "Doug
has been instrumental to NFP's success since its inception, and it
has been an honor to work alongside him and the rest of the team at
NFP to build a strong, diversified business with an unmatched
client-focused culture. I am confident that Doug is absolutely the
right leader for NFP going forward and remain as excited as ever
about the opportunities ahead for this extraordinary
organization."
Mr. Hammond said, "It has been a privilege working with Jessica
for nearly 14 years, and I have great admiration for her leadership
and all that she accomplished during her tenure. NFP has a
tremendous opportunity to capitalize on our unique and valuable
offerings in today's market, and I look forward to working with the
team at NFP as we position the company for its future long-term
growth and success."
As announced on April 15, 2013,
NFP entered into a definitive agreement with Madison Dearborn
Partners, LLC (MDP), a private equity investment firm, under which
a controlled affiliate of MDP will acquire NFP. The transaction is
subject to shareholder approval and other customary closing
conditions.
Vahe Dombalagian, a managing
director at MDP, said, "We are confident that NFP will continue to
advance its strategy and thrive as a powerful, unified brand across
its benefits, insurance and wealth management businesses under
Doug's leadership. We look forward to supporting Doug and the
talented team at NFP as they execute the company's One NFP
strategy."
Today's appointment is part of the company's previously
announced management succession plan. Ms. Bibliowicz will continue
her service on the board as non-executive chairman of NFP until the
close of the transaction with MDP.
Mr. Hammond, 47, has served as chief operating officer of NFP
since 2008, and was named president in 2012. Prior to that role, he
served as NFP's executive vice president and general counsel from
2004 to 2008 and as NFP's executive vice president and deputy
general counsel from 2002 to 2004. Before joining NFP in 1999, Mr.
Hammond was an attorney with the law firm known as Dewey &
LeBoeuf LLP, where he specialized in corporate insurance and
regulatory matters and represented NFP's capital sponsor prior to
and during the formation of the company. He also held various
business and legal positions in the financial institutions
division of Gulf Insurance Group, Inc., a specialty lines insurance
company. Mr. Hammond serves on the Advisory Board of Trustees
of the Dolan School of Business of Fairfield
University. He received his Bachelor of Arts from
Fairfield University and his Juris
Doctor from St. John's University
School of Law.
About NFP
National Financial Partners Corp. (NYSE:
NFP) and its benefits, insurance and wealth management businesses
provide diversified advisory and brokerage services to companies
and high net worth individuals, partnering with them to preserve
their assets and prosper over the long term. NFP advisors provide
innovative and comprehensive solutions, backed by NFP's national
scale and resources. NFP operates in three business segments. The
Corporate Client Group provides corporate and executive benefits,
retirement plans and property and casualty insurance. The
Individual Client Group includes retail and wholesale life
insurance brokerage and wealth management advisory services. The
Advisor Services Group serves independent financial advisors by
offering broker/dealer and asset management products and services.
Most recently, NFP was ranked as the eighth Top Global Insurance
Broker by Best's Review. In addition, NFP operates the fourth
largest executive benefits provider of nonqualified deferred
compensation plans administered for recordkeeping clients as ranked
by PlanSponsor; operates a top 10 Independent Broker Dealer as
ranked by Financial Planning and Financial Advisor; and had three
advisors ranked in Barron's Top 100 Independent Financial Advisors.
NFP is also a leading independent life insurance distributor,
according to many top-tier carriers. For more information, visit
www.nfp.com.
Forward-Looking Information
This press release
contains forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, any statement that may
project, indicate or imply future results, events, performance or
achievements, and may contain the words "anticipate," "expect,"
"intend," "plan," "believe," "estimate," "may," "project," "will,"
"continue" and similar expressions of a future or forward-looking
nature. Forward-looking statements may include discussions
concerning revenue, expenses, earnings, cash flow, impairments,
losses, dividends, capital structure, market and industry
conditions, premium and commission rates, interest rates,
contingencies, the direction or outcome of regulatory
investigations and litigation, income taxes and the Company's
operations or strategy. These forward-looking statements are based
on management's current views with respect to future results.
Forward-looking statements are based on beliefs and assumptions
made by management using currently available information, such as
market and industry materials, experts' reports and opinions, and
current financial trends. These statements are only predictions and
are not guarantees of future performance. Forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those contemplated by a
forward-looking statement. These risks and uncertainties include,
without limitation: (1) the merger may not be consummated in a
timely manner, if at all; (2) the merger agreement may be
terminated in circumstances that require the Company to pay a
termination fee or reimburse certain expenses; (3) the diversion of
management's attention from the Company's ongoing business
operations; (4) the ability of the Company to retain and hire key
personnel; (5) the failure of Madison Dearborn Partners to obtain
the necessary financing to complete the merger; (6) litigation
relating to the merger; (7) the effect of the announcement of the
merger on the Company's business relationships, operating results
and business generally; (8) competitive responses to the proposed
merger; and (9) the failure to obtain the requisite approvals to
the merger, such as stockholder approval or the approval of FINRA
with respect to the indirect change in ownership of the Company's
broker-dealer subsidiaries. Additional factors are set forth in
NFP's filings with the Securities and Exchange Commission (the
"SEC"), including its Annual Report on Form 10-K for the year ended
December 31, 2012, filed with the SEC
on February 15, 2013 and its
Quarterly Report on Form 10-Q for the period ended March 31, 2013, filed with the SEC on
May 3, 2013. Forward-looking
statements speak only as of the date on which they are made. The
Company expressly disclaims any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
SOURCE National Financial Partners Corp.