TEXT-S&P: Horace Mann rating unaffected by CEO transition
Nov 20 - Standard & Poor's Ratings Services said today that its ratings on Horace Mann Educators Corp. (BBB/Stable/--) are not affected by the announced transition agreement regarding Chief Executive Officer Peter H. Heckman, in light of his retirement eligibility. The transition agreement provides that Mr. Heckman will provide continued service as CEO, and transitional services to his successor through Dec. 31, 2013. Meanwhile, the Board of Director's Succession Planning Committee has engaged an executive search firm to assist in selecting a new CEO, considering both internal and external candidates. We don't believe the departure of Mr. Heckman by year-end 2013 is a concern given the solid management team in place at the executive and operating-company level and the company's extensive transition planning.
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