November 20, 2012 / 4:25 PM / 5 years ago

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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