Intel stock spikes after report of possible US government stake
First Horizon Corporation (NYSE:FHN), a $11.5 billion market cap financial institution currently trading at $21.94, has announced the election of Jeffrey J. Brown as a new member of its Board of Directors, effective immediately, with further plans for him to stand for election by shareholders at the 2025 annual meeting. The appointment of Mr. Brown, President of Hendrick Automotive Group and former CEO of Ally Financial (NYSE:ALLY) Inc., was made on Monday. According to InvestingPro data, the company has demonstrated strong performance with a 50.73% return over the past year.
In conjunction with this addition, the company disclosed the retirement of Harry V. Barton, Jr. from the Board, effective at the upcoming annual meeting of shareholders. Mr. Barton’s decision to retire follows his service since the company’s merger with IBERIABANK Corporation in 2020.
Additionally, First Horizon has amended its Bylaws to increase the number of directors from thirteen to fourteen ahead of the 2025 annual meeting, scheduled for April 29, 2025. Post-election, the Board will return to thirteen members.
The company confirmed that its transactions with executive officers, directors, and major shareholders are conducted in the ordinary course of business, under standard terms, and do not present any unusual risk. Mr. Brown will be eligible for the company’s compensation plans for non-employee directors.
These changes were reported in a Form 8-K filed with the SEC, reflecting the company’s adherence to corporate governance standards and its commitment to maintaining a balanced and experienced Board to oversee its operations. The information in this article is based on a press release statement.
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