Paul S. Amos II, son of Aflac’s chief executive and grandson of one of the founders of the Columbus-based insurer, is leaving the company in a move that apparently leaves no member of the Amos dynasty as an obvious successor.
Amos, 41, has been Aflac’s president since 2007, making him the potential third-generation heir to his father Dan Amos.
Paul Amos told the Columbus Ledger-Enquirer he plans to join a Columbus private investment firm, Jordan Blanchard Capital, after his July 1 resignation.
Since it was founded by three Amos brothers in 1955, the provider of supplemental insurance has grown into the fifth-largest public company in Georgia, with $22.6 billion in revenue, in the process making millionaires out of many early investors.
The company is perhaps best-known in the United States for commercials featuring an irascible duck that squawks “Aflac.” The odd name comes from an early version of Aflac’s name: American Family Life Assurance Company of Columbus.
The Japan market now generates about three-quarters of Aflac revenue, and Paul Amos spent part of his career there overseeing Aflac’s Japan operations.
He’s walking away from a pay package that totaled $6.6 million last year. His father was one of the higest-paid CEOs in the state, receiving compensation valued at $20.4 million last year.
“I’m going to take a couple of months just to decompress, and then I’m going to start back up Sept. 1,” Paul Amos told the Ledger-Enquirer. “But truth be told, I’m ready to go, and I’m excited about this… I’ve been working for Aflac since I was 15 years old.”
He said the departure will be difficult but that he looks forward to being part of an entrepreneurial enterprise “I can help scale up and build out.”
Aflac shares jumped almost 4 percent Friday, to $78. Amos’ planned departure was announced after the market closed Thursday.
Dan Amos, 65, will assume the president’s title, the company said. A spokeswoman told the Ledger-Enquirer the elder Amos is committed to leading the company at least to age 70.
“As a CEO, it has been a privilege to work with Paul and see firsthand all of the contributions he has made to our continuing success in the Japanese market,” Dan Amos said in a statement. “As a father, I wish him the very best as he enters this new chapter.”
According to the company, no other officers or directors are members of the Amos family.
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