RADNOR, Pa. - Lincoln Financial Group (NYSE: LNC) has announced the appointment of Jennifer Charters as the new Executive Vice President and Chief Information Officer, effective November 18, 2024. Charters brings over three decades of technology experience in the financial services sector and will be responsible for the company's technology and digital strategy.
Charters' career includes a tenure at Flagstar Bank as EVP and CIO, and prior roles at Ally Financial (NYSE:ALLY) and Accenture (NYSE:ACN). Her experience spans large-scale systems development and process improvement. She is recognized for her commitment to advancing women in technology, a value that resonates with Lincoln Financial's corporate ethos.
Ellen Cooper, Chairman, President, and CEO of Lincoln Financial, expressed confidence in Charters' ability to drive the company's technological advancements and innovation. Charters will succeed Ken Solon, who is set to retire in early 2025, and will join the company's Senior Management Committee.
Lincoln Financial is known for providing solutions in annuities, life insurance, group protection, and retirement plan services. As of December 31, 2023, the company has served approximately 17 million customers and reported $311 billion in end-of-period account balances as of June 30, 2024.
This leadership transition reflects Lincoln Financial's focus on enhancing its operational model and deploying customer-centric technology. The company has expressed gratitude to Solon for his contributions and leadership, particularly in navigating the company through shifts in technology to improve customer and employee experiences.
The information in this article is based on a press release statement from Lincoln Financial.
In other recent news, Lincoln National Corporation (NYSE:LNC) reported significant developments. The company's adjusted operating income reached $319 million, or $1.84 per share, with net income peaking at $884 million, or $5.11 per diluted share. Additionally, Lincoln National's Risk-Based Capital (RBC) ratio now exceeds 420% following the sale of its wealth management business.
TD Cowen has initiated coverage on Lincoln National, assigning a Hold rating with a price target of $34, based on the company's projected earnings and current market factors. Barclays also initiated coverage, assigning an Equalweight rating and setting a price target of $35.00, influenced by the company's improved capital position.
Lincoln National has announced changes to its board structure, reducing the number of board members from twelve to eleven. The company also mourns the loss of board member Michael Mee, whose contributions were acknowledged by executives.
The company's executive severance plan was recently revised to include the CEO among the participating officers, detailing a severance package equal to twice the CEO's annual base salary plus the target annual incentive bonus. Lastly, Lincoln National is preparing for the launch of its Bermuda-based reinsurance subsidiary, Alpine, as part of its ongoing efforts to diversify its product offerings and fortify its capital foundation.
InvestingPro Insights
As Lincoln Financial Group (NYSE: LNC) prepares for a leadership transition in its technology division, investors may find value in examining the company's financial health and market performance. According to InvestingPro data, Lincoln Financial's market capitalization stands at $5.66 billion, reflecting its significant presence in the financial services sector.
The company's stock has shown impressive momentum, with a one-year price total return of 58.4% as of the latest data. This strong performance aligns with the company's strategic moves, including the appointment of Jennifer Charters as the new CIO, which may be viewed positively by the market.
InvestingPro Tips highlight that Lincoln Financial has maintained dividend payments for 54 consecutive years, demonstrating a commitment to shareholder returns that may appeal to income-focused investors. This is particularly noteworthy given the company's current dividend yield of 5.48%, which is attractive in the current market environment.
Despite the positive stock performance, it's worth noting that Lincoln Financial is trading at a low earnings multiple, with a P/E ratio of 3.43. This could suggest that the stock is undervalued relative to its earnings, potentially offering an opportunity for value investors.
For those interested in a deeper analysis, InvestingPro offers additional tips and insights, with 10 more tips available for Lincoln Financial. These additional insights could provide valuable context for understanding the company's financial position and future prospects as it navigates technological advancements under new leadership.
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