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Aflac Incorporated Announces Chairman and CEO Daniel P. Amos Decides to Forgo Elements of Compensation Package

By Amarendra Bhushan for CEOWORLD Magazine Updated:November 17, 2008

Aflac Incorporated announced today that Aflac Chairman and CEO Daniel P. Amos has decided to forgo the “golden parachute” components in his employment contract.

The first compensation component relates to a change-in-control provision. Under his original employment contract, Mr. Amos would have been entitled to receive three years of salary and bonus in the event of a change in control. By eliminating this provision of his contract, Mr. Amos is forgoing approximately $13 million of potential cash compensation. The second compensation component relates to severance compensation (salary and bonus) following termination of Mr. Amos’ employment contract, which had provided for severance compensation of up to $13 million in cash.

About Mr. Amos’ decision, Aflac Incorporated board member Robert B. “Ben” Johnson, chairman of the Compensation Committee, said: “The Compensation Committee believes that Mr. Amos’ decision to forgo the ‘golden parachute’ components in his employment contract sends the correct message to Aflac shareholders. I want to emphasize that Mr. Amos reached this conclusion entirely independent of the board of directors. He felt strongly that there are no circumstances under which he would accept payment in the event of a change of control or severance. The members of Aflac’s Compensation Committee, and in fact the entire board of directors, are proud of his decision. We believe it exemplifies Mr. Amos’ strong leadership and an unwavering commitment to Aflac’s shareholders.”

For more than 50 years, Aflac products have given policyholders the opportunity to direct cash where it is needed most when a life-interrupting medical event causes financial challenges. Aflac is the number one provider of guaranteed-renewable insurance in the United States and the number one insurance company in terms of individual insurance policies in force in Japan. Our insurance products provide protection to more than 40 million people worldwide. Aflac has been included in Fortune magazine’s list of America’s Most Admired Companies for seven years and in Fortune magazine’s list of the 100 Best Companies to Work For in America for ten consecutive years. Aflac has been recognized three times by both Fortune magazine’s list of the Top 50 Employers for Minorities and Working Mother magazine’s list of the 100 Best Companies for Working Mothers and has also been included in Ethisphere magazine’s list of the World’s Most Ethical Companies for two consecutive years. Aflac Incorporated is a Fortune 500 company listed on the New York Stock Exchange under the symbol AFL.

Daniel P. Amos
Chairman and Chief Executive Officer
Aflac Incorporated

Dan Amos is chairman and chief executive officer of Aflac Incorporated. Mr. Amos joined Aflac in 1973 and worked in the sales area for 10 years. He was named president of Aflac in 1983, chief operating officer in 1987, chief executive officer of Aflac Incorporated in 1990, and chairman in 2001.

During Mr. Amos’s tenure as CEO, revenues have grown from $2.7 billion to $15.4 billion as of December 31, 2007. Aflac’s market capitalization has grown from $1.2 billion to over $30 billion during the same period. He is also responsible for launching the company’s national advertising program, which features the popular Aflac Duck. Today, Aflac is a top national brand and has been ranked by Forbes magazine as one of the Top 25 Power Brands in the United States.

Mr. Amos has received the Dr. Martin Luther King Jr. Unity Award and the Anti-Defamation League’s Torch of Liberty Award. He has also been recognized for the past three years by Institutional Investor magazine as one of the top CEOs in the country, and has been named by CNN as a CEO of the Week. He most recently was named as one of the 100 Most Influential People in Business Ethics by Ethisphere Magazine, a global publication focused on the correlation between ethics and profit.

Aflac, a Fortune 500 company, insures more than 40 million people worldwide. It is the leading provider of individual insurance policies offered at the worksite in the United States and is the largest life insurer in Japan in terms of individual policies in force. The company insures one out of four Japanese households.

Under Mr. Amos’s leadership, Aflac recently received the U.S. Chamber of Commerce Corporate Citizenship Award for its partnership with the Aflac Cancer Center and Blood Disorders Service at Children’s Healthcare of Atlanta. Aflac also has been recognized for the company’s people-first approach to management. In January 2008, Aflac was included in Fortune magazine’s list of the 100 Best Companies to Work For in America for the tenth consecutive year. Since 1993, Aflac has appeared on Hispanic magazine’s Corporate 100: The Top 100 Companies Providing the Most Opportunities to Hispanics. We also have been named to Working Mother magazine’s list of the 100 Best Companies for Working Mothers in 2006, 2004, 2003, 2002, and 2001.

Mr. Amos is a member of the board of directors of Synovus Financial Corp. and is a member of the board of trustees of Children’s Healthcare of Atlanta and House of Mercy of Columbus. He previously served as a member of the Consumer Affairs Advisory Committee of the Securities and Exchange Commission. He is the former chairman of the board of The Japan America Society of Georgia and former chairman of the University of Georgia Foundation.

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