Key Developments For Erie Indemnity Co
Erie Indemnity Co (ERIE.O) (Nasdaq)
Erie Indemnity Company Reauthorizes Share Repurchase Plan
Erie Indemnity Company announced that the Board of Directors of have approved an additional $20 million in repurchase authority for the Company's stock repurchase program. The additional repurchase authority is effective immediately and will be in addition to the funds available under the current repurchase program. Approximately $80 million of the original $100 million repurchase authority remains from the current stock repurchase program. Under the newly-approved program, the Company may repurchase up to $100 million of its outstanding Class A common stock through June 30, 2010. The Company may repurchase the shares from time to time in the open market or by privately negotiated transactions, at times and in amounts that the Company deems appropriate, depending on prevailing market conditions and alternative uses of the Company's capital.
Erie Indemnity Company Announces Appointment of CFO
Erie Indemnity Company announced Marcia A. Dall as its Chief Financial Officer (CFO), effective March 30, 2009. Dall succeeds Philip A. Garcia.
Erie Indemnity Company Increases Dividend
Erie Indemnity Company announced that its Board of Directors has approved increases in shareholders' dividends. The Board increased the regular quarterly cash dividend from $0.44 to $0.45 on each Class A share and from $66.00 to $67.50 on each Class B share. The dividend is payable January 20, 2009, to shareholders of record as of January 5, 2009, with a dividend ex-date of December 31, 2008. This represents a 2.3% increase in the payout per share over the current dividend rate.
Erie Indemnity Company Appoints Terrence W. Cavanaugh As New President And Chief Executive Officer
Erie Indemnity Company announced the selection of Terrence W. Cavanaugh as President and Chief Executive Officer, effective July 29, 2008, at which time he will also be elected to the Company's Board of Directors.
Erie Indemnity Company Announces Management Change
Erie Indemnity Company announced that Philip A. Garcia, executive vice president and chief financial officer (CFO), will be departing the Company no later than April 30, 2009, under the terms of a retention agreement that he and the Company entered into on June 25, 2008.
