UPDATE: CEO's Blood-Alcohol Level Almost 3 Times The Limit--Police
15 9월 2010 - 6:34AM
Dow Jones News
Louis Lower, the insurance company executive found guilty of
drunk driving in Florida last week, had "difficulty standing," was
"swaying in all directions" and later fell to the ground as police
investigated the May 29 car crash that led to his arrest, according
to police records.
Lower, chief executive of Horace Mann Educators Corp. (HMN),
refused to take a field sobriety test or submit to a police
breathalyzer after he drove on the wrong side of the road and
crashed head-on into another car in Vero Beach, Fla., according to
the police file. He insisted instead on having a lawyer
present.
When police obtained a search warrant from a judge to test his
blood more than three hours later, a laboratory found he had a
blood-alcohol content of 0.21 -- nearly three times the legal
limit.
Lower struck an oncoming Chevrolet Tahoe after a "sudden
swerve," causing about $30,000 worth of damage to the two vehicles,
according to the report. Two teenagers in the other car reported
they were uninjured at the scene.
Police said Lower smelled strongly of alcohol and initially had
a "blank stare" when they approached him after the crash. Later,
"Lower lost his balance and fell against his vehicle and then on
the ground."
Lower's arrest came to light Monday, when the board of directors
at Horace Mann announced they had learned Lower was in a Florida
jail. He declined to enter a plea, was found guilty and was given a
60-day sentence on Sept. 8. He began serving the sentence in a
county jail that day.
Lower had told some company executives about his arrest in
mid-July, but the board was first notified of the incident after he
was convicted, a company spokesman said Monday. The board decided
to put Lower on leave over the weekend, and announced the news
after the close of trading Monday.
"It's a shocking turn of events," said Dean Evans, an insurance
analyst at Keefe, Bruyette & Woods. "I find it a little strange
that it took that long to bring this to the attention to the board.
It's a unique, strange one-off situation...but this can't be
glossed over or taken lightly."
David Dodd, a prosecutor in the judicial circuit covering Vero
Beach, said he felt the sentence was appropriate for several
reasons, including the seriousness of the crash and Lower's high
blood-alcohol level. Also, he said, prosecutors took into account
the fact that Lower "was not cooperative at the scene" when he
refused to perform basic exercises such as touching his nose and
giving a breath sample after being informed that, under Florida
law, any driver on its road implicitly agrees to such tests.
Along with the jail time, Lower will be on probation until next
September, must pay a $1,000 fine and court costs and must abstain
from alcohol while on probation, among other conditions.
Lower's lawyer in the matter, Andrew Metcalf, argued for some
combination of a probationary sentence and house arrest. "He's a
decent and good man with absolutely no history of anything remotely
related to this drunk-driving offense," Metcalf said. "He took
accountability and responsibility."
Lower is scheduled to be released on Oct. 26, according to the
website of the Indian River County sheriff. Horrace Mann, in a
statement that referred to a "situation" involving its CEO, said
late Monday that the board was considering whether to impose
further disciplinary actions on Lower.
Still, the statement said, Lower is expected to return to his
job in late October or November. Chief Financial Officer Peter
Heckman will serve as interim CEO.
"There are no excuses to offer other than a lapse of personal
character for which I take full responsibility," Lower said in the
company's statement. The statement said it was Lower's first
offense.
Horace Mann, based in Springfield, Ill., sells auto, home and
life insurance to teachers.
Lower has been Horace Mann's CEO since 2000. He was previously
CEO of Allstate Corp.'s (ALL) life-insurance operation, and serves
as a board member of mortgage insurer PMI Group Inc. (PMI).
Bill Horning, a spokesman for PMI, didn't respond to several
phone calls and voicemail messages seeking comment Monday and
Tuesday.
Horace Mann shares fell 0.8% to $17.63 on Tuesday on more than
twice the average volume. The stock earlier in the day fell to as
low as $16.92.
-By Erik Holm, Dow Jones Newswires; 212-416-2892;
erik.holm@dowjones.com
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