Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, December 2, 1993 TAG: 9312030358
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
DATELINE: LENGTH: Medium
Clark is president of Meridian Life Insurance Co. in Indianapolis and senior vice president of three related companies. He assumes his new job in Roanoke on Jan. 1.
Clark was chosen from "a very long list" of potential candidates, said William R. Battle, a member of the company's board of directors who has served as interim president since June after former president Joseph E. Stephenson resigned.
The board interviewed four of the candidates, Battle said, and "this gentleman was clearly the best."
Clark, he said, has "a lot of experience in areas important to us," such as running a small company with the same type of agency sales force.
Stephenson, who will become an agent for the company next month, resigned after the Shenandoah Life General Agents Association criticized his management style. The company's rating also was downgraded by Best Insurance Reports and other insurance rating services.
Stephen B. Shane of Columbia, S.C., president of the association, said he was pleased a decision had been made on a new leader for the company.
General agents are considered the backbone of an insurance company's sales force. Operating as independent contractors, they manage the sales force of field agents and often are vocal in their opinions of an insurance company's products and services.
In May, Shenandoah general agents wrote a nine-page letter to the company's board of directors raising sharp criticism of Stephenson's management and the company's products.
Shane said he was looking forward to meeting Clark, working with him "and supporting him."
He declined to comment on what Clark might do for Shenandoah Life, adding he doesn't know him either in person or by reputation.
Clark said in a telephone interview that he intends to go out into the field, spending time with both agents and policyholders.
He has not followed in detail the past problems between the company and its agents, but he said Shenandoah Life "is well thought of in the marketplace."
He expressed confidence that the company can resolve any problems, because it has an excellent system of agents. Any prior dialogue with agents is a strength rather than a problem, he said.
Clark, who will turn 48 in January, said Shenandoah Life is "really a fine company that is exceptionally strong in terms of financial results."
He plans no immediate changes when he comes to Roanoke.
"I like to do a lot of listening," he said. He said he will learn about the company from the Roanoke staff and from the agents. He will get their ideas on what the company can do to move forward profitably in terms of premium growth.
Before joining Meridian in 1987, Clark was with Wolper Ross & Co. in Miami from 1985 to 1987, with Hartford Insurance Group from 1977 to 1985 and with Aetna Life & Casualty from 1973 to 1976. He began his career with the Connecticut Labor Department.
A native of Connecticut, Clark earned a bachelor of science degree from the University of Connecticut and a master of science degree from the University of Hartford.
He and his wife of 23 years, Cheryl, plan to continue their interest in civic work. "One of the things I'd like to do is to find things that may be valuable to the community."
Their son is a senior at Duke University and plans to go to medical school. Their daughter is a senior in high school. She will finish her last semester in Roanoke then go to college.
Battle, who was president from 1972 until his retirement in 1989, will continue to serve on the board of directors.
\ SHENANDOAH LIFE INSURANCE CO.\ \ Roanoke-based Shenandoah Life is a mutual company, meaning it is owned by customers who buy its life insurance policies. Founded in 1916, the company is licensed to do buisness in 20 states and the District of Columbia.
\ The company reported assets of $574 million for the most recent fiscal year ended Dec. 31, 1992. For the same period, it reported income of $179.7 million, a net loss of $1.7 million and $10 billion worth of incurance in force.\ \ Shenandoah Life has 223 employees and 700 independent sales agents.\ \ Source: The company.
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