Aflac Chairman and CEO Daniel P. Amos is giving up his 2008 bonus —- a payout that would have netted him $2.8 million —- because of the Columbus-based supplemental insurer’s depressed stock price.
Kriss Cloninger III, the company’s president and chief financial officer, is reducing his bonus by 35 percent or about $477,000.
The announcements, made after the close of markets Monday, come even though Aflac executives say they outperformed the broader S&P 500 and Dow indices as well as the insurance-focused S&P Life Index in 2008. But Aflac shares have been hammered by the global economic slowdown.
Shares of Aflac, which lost seven percent to close at $15.80 Monday, have tumbled more than 70 percent in the last year.
“Even though Mr. Amos and Mr. Cloninger were entitled to their full operating bonuses, the board agreed to accept their proposals,” said Robert B. “Ben” Johnson, an Aflac board member and its compensation committee chairman. “We support their decision to voluntarily reduce their personal compensation as a demonstration of their commitment to our shareholders.”
Amos, who received a base salary of $1.3 million in 2008, announced in November he would relinquish his “golden parachute,” a severance package worth $13 million, were he to leave the company. That move also was made in response to the weak economy.
In May, Aflac became one of the first publicly-traded American firms to give shareholders a non-binding, advisory vote on executive pay.

-- Integration with SecureTrack: Complementary functionality of
SecureChange Workflow and SecureTrack on single T-Series appliance or
server.

-- Separation of duties: Support for multiple roles within the security
change process to meet the most demanding business and regulatory
standards.

-- E-mail notifications: Real-time e-mail notification on change request
progress for every status change.

-- Pre-defined business process templates: Out-of-the box templates for
the most frequently-requested changes.

-- Customizable change-templates: Templates and workflows can be
customized easily to meet the specific requirements of every organization.
"The need for automated security policy change management, across disparate
network security systems and processes, is a business imperative," said
Reuven Harrison, CTO and Co-founder of Tufin Technologies. "Most security
teams have to deal with hundreds of end-user business requirements and lack
an effective tool to do so. SecureChange Workflow allows automated
translation of unstructured business requirements into configuration
changes. This solution is specifically designed for management of security
change requests to provide proactive risk analysis while ensuring business
continuity and compliance."
SecureChange Workflow 4.5 is available immediately. Pricing starts at
$20,000.
Tufin SecureChange(TM) Workflow is a unique change management solution
designed specifically for security policy change requests. SecureChange
Workflow manages the entire lifecycle of a policy change request, from
submission through design, risk analysis, approval, implementation and
auditing.
Tufin SecureTrack(TM) is the market-leading Security Operations Management
solution. SecureTrack enables organizations to enhance security, reduce
service interruptions and automate day-to-day tasks through powerful
firewall management capabilities and reporting. SecureTrack helps security
operations teams to control and manage policy changes, analyze risks, and
ensure business continuity and allows managers to easily understand the big
picture and align operations with corporate and government security
standards.
Tufin Technologies is the leading provider of Security Lifecycle Management
solutions that enable large organizations to enhance security, ensure
business continuity and increase operational efficiency. Tufin's products
SecureTrack(TM) and SecureChange(TM) Workflow help security operations
teams to manage change, minimize risks and dramatically reduce manual,
repetitive tasks through automation. With a combination of accuracy and
simplicity, Tufin empowers security officers to perform reliable audits and
demonstrate compliance with corporate and government standards. Founded in
2003 by leading firewall and business systems experts, Tufin now serves 300
customers around the world, including leading financial institutions,
telecom service providers, transportation, energy and pharmaceutical
companies. For more information visit
.

ShopNBC (NASDAQ: VVTV), the premium
lifestyle brand in electronic retailing, today announced an agreement with
GE to restructure and extend its $44.3 million payment obligation under the
Series A Redeemable Convertible Preferred Stock, currently held by GE and
scheduled to mature in the spring of 2009.
As part of the agreement, GE agreed to exchange all of its Series A
Redeemable Convertible Preferred Stock for the following:
-- An upfront cash payment of $3.4 million;
-- 4.9 million shares of a new series of non-convertible redeemable
preferred stock with a redemption amount of $40.9 million and a 12%
dividend rate, payable in 2013 and 2014;
-- Repayment of the preferred stock is scheduled for 30% in 2013 and the
remainder in 2014 with accelerated payments possible only if ShopNBC
generates excess cash above agreed upon thresholds; and
-- Warrants to purchase 6 million shares of the company's common stock at
$0.75 per share.
"We are very pleased to have reached an agreement to extend our payment
obligation by five years," said John Buck, ShopNBC's Chairman of the Board.
"This transaction gives us the necessary time, flexibility, and financial
resources to execute the turnaround of our business."
The company also announced its board of directors authorized a common stock
buyback of up to $1.5 million over the next 12 months. The timing and
amount of any repurchases will be determined by management based on an
evaluation of market conditions and other factors. The buyback will be
funded through existing cash balances.
ShopNBC is a multi-channel electronic retailer operating with a premium
lifestyle brand. The shopping network reaches 72 million homes in the
United States via cable affiliates and satellite: DISH Network channels 134
and 228 and DIRECTV channel 316.
is recognized as a top
e-commerce site. ShopNBC is owned and operated by ValueVision Media
(NASDAQ: VVTV). For more information, please visit
.
This release contains certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and accordingly
are subject to uncertainty and changes in circumstances. Actual results may
vary materially from the expectations contained herein due to various
important factors, including (but not limited to): consumer spending and
debt levels; interest rates; competitive pressures on sales, pricing and
gross profit margins; the level of cable and satellite distribution for the
company's programming and the fees associated therewith; the success of the
company's e-commerce and new sales initiatives; the success of its
strategic alliances and relationships and turnaround efforts; the ability
of the company to manage its operating expenses successfully; the ability
of the Company to establish and maintain acceptable commercial terms with
third party vendors and other third parties with whom the Company has
contractual relationships; changes in governmental or regulatory
requirements; litigation or governmental proceedings affecting the
company's operations; the timing and terms of the contemplated stock
buyback; and the ability of the company to obtain and retain key executives
and employees. More detailed information about those factors is set forth
in the company's filings with the Securities and Exchange Commission,
including the company's annual report on Form 10-K, quarterly reports on
Form 10-Q, and current reports on Form 8-K. The company is under no
obligation (and expressly disclaims any such obligation) to update or alter
its forward-looking statements whether as a result of new information,
future events or otherwise.