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First Horizon elects new directors, expands share buyback

By Updated: January 29, 2019 4:31 PM CT | Published: January 29, 2019 2:42 PM CT

First Horizon National Corp. announced two new directors and an expansion of a 2018 common share repurchase program on Tuesday.

Kenneth A. Burdick, chief executive officer of WellCare Health Plans Inc., and Wendy P. Davidson, president of Kellogg Company’s U.S. Specialty Channels, joined the board Monday.

Tuesday, the board doubled First Horizon’s share repurchase authorization to $500 million and approved a quarterly cash dividend of 14 cents a common share.

The common share dividend, up 17 percent from 2018, is payable on April 1 to shareholders of record on March 15. 

The share repurchase program was extended by a year, to expire on Jan. 31, 2021. About $400 million in authorization remains under the program, which was approved at $250 million a year ago.

The addition of Burdick and Davidson brought the board to 14 members. Burdick will serve on the audit and compensation committees, and Davidson will join the audit and information technology committees.

“We are pleased to welcome Kenneth and Wendy as new independent directors to our board,” Bryan Jordan, board chairman, president and CEO of Memphis-based First Horizon, said in a release.

“As distinguished executives in their respective industries, they bring a high-level of expertise working for large, public companies. Kenneth’s executive leadership experience in a highly regulated industry, as well as Wendy’s marketing, sales and e-commerce expertise will be extremely valuable as we continue to deliver on our organization’s strategic priorities and position First Horizon for future success,” Jordan said.

First Horizon provides financial services through First Tennessee and Capital banks, FTB Advisors and FTN Financial.

Burdick, 60, has been CEO since 2015 of WellCare, a managed care company exclusively focused on government-sponsored managed care services. Before joining WellCare in 2014, he previously held leadership roles with UnitedHealth Group and Cigna.

Davidson, 49, has been president of the $1.5 billion U.S. Specialty Channels division of Kellogg since 2013 and serves on Kellogg’s global and North American leadership teams and KPAC and Kellogg Company Fund boards. Previous executive roles in the food industry included McCormick & Company and Tyson Foods.

Other board members are vice chairman R. Eugene Taylor, John C. Compton, Mark A. Emkes, Peter N. Foss, Corydon J. Gilchrist, Scott M. Niswonger, Vicki R. Palmer, lead director Colin V. Reed, Cecelia D. Stewart, Rajesh Subramaniam and Luke Yancy III.

Topics

First Horizon National Corp. First Tennessee Bank Capital Bank Kenneth A. Burdick Wendy P. Davidson

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