Fidelity & Guaranty Life CEO Announces Retirement Date; Successor Named

DES MOINES, Iowa, Jan. 16, 2015 /PRNewswire/ -- Fidelity & Guaranty Life ("FGL" or "the Company"; NYSE: FGL) announced today that Lee Launer, the Company's Chief Executive Officer and a member of its Board of Directors, has elected to retire effective as of April 30, 2015 in order to pursue outside interests.  Pursuant to its established management succession plan, the Company also announced that Christopher J. Littlefield, presently FGL's President, will assume the position of CEO upon Mr. Launer's retirement.  The Company expects to enter into an exclusive advisory services agreement with Mr. Launer to provide for a seamless transition in leadership through the end of the 2015 calendar year. 

Commenting on his decision, Mr. Launer said, "I am extremely proud of what we accomplished during my tenure.  My passion for leading this great business is equaled only by my determination to pursue certain long-delayed interests, including several important charitable endeavors.  Having worked with Chris these past few months, I have full confidence that the Company will continue to successfully execute the strategic roadmap we set a little over a year ago during FGL's IPO."

"I want to congratulate Lee for everything that he has achieved during his exceptional career in the insurance industry and also thank him for providing his steady leadership and direction during FGL's critical formative years," said Phillip J. Gass, Chairman of FGL's Board of Directors.  "I have worked with Lee closely since the time of FGL's acquisition by Harbinger Group in 2011, and he has been instrumental in helping the Company achieve a multi-year period of very strong annuity sales growth, ongoing investment portfolio optimization and the execution of our successful public offering in 2013.  Based on the strong foundation that has been set by Lee and the team, we are very excited about the future growth opportunities at FGL, and are pleased to welcome Chris as he expands his responsibilities into the role of CEO."

Mr. Littlefield, who joined FGL as President in 2014, was formerly the President & Chief Executive Officer of Aviva USA Corporation, overseeing a business with more than $60 billion of assets under management and serving the insurance needs for more than 1 million customers.