SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 26, 1995
AMERICAN GENERAL CORPORATION
(Exact name of registrant as specified in its charter)
Texas 1-7981 74-0483432
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) Number)
2929 Allen Parkway, Houston, Texas 77019
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (713) 522-1111
<PAGE>
Item 5. Other Events.
American General Corporation issued a press release on October 26,
1995 announcing the adoption by the company's Board of Directors
of a plan of succession for the office of the chairman. Under the
plan, Robert M. Devlin will succeed CEO Harold S. Hook in October
1996 and Mr. Hook will continue as chairman until the annual
shareholders' meeting in 1997. In connection with the plan, the
board also announced that Mr Devlin was named president, replacing
James R. Tuerff who has taken early retirement and that Jon P.
Newton as named vice chairman and director and will continue as
the company's general counsel.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit Number
99 News release issued by American General Corporation on
October 26, 1995.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this Report to be signed on its behalf by
the undersigned thereunto duly authorized.
AMERICAN GENERAL CORPORATION
Dated: October 26, 1995 By: /s/ JON P. NEWTON
Jon P. Newton
Vice Chairman and General Counsel
-2-<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
99 News release issued by American General Corporation on October 26,
1995.<PAGE>
NEWS RELEASE
95-19
Contact: Robert D. Mrlik or John E. Pluhowski
Vice President Director-Corporate
Investor Relations Communications
(713) 831-1137 (713) 831-1149
FOR IMMEDIATE RELEASE
AMERICAN GENERAL ANNOUNCES CEO SUCCESSION PLAN
Houston, October 26, 1995 -- The Board of Directors of American General
Corporation (NYSE - AGC) today announced the adoption of a plan of succession
for long-time chairman and CEO Harold S. Hook. Under the plan, Robert M.
Devlin, president, will succeed Mr. Hook as chief executive officer a year
from now, in October 1996, and Mr. Hook will continue as chairman until the
annual shareholders' meeting in 1997. Mr. Devlin will become only the fourth
CEO since the company's founding in 1926.
In connection with the plan, the board also announced a realignment in
the office of the chairman. Mr. Devlin, formerly vice chairman, was named
president, replacing James R. Tuerff who has taken early retirement and will
be establishing a consulting practice. Jon P. Newton, formerly senior vice
president and general counsel, was elected vice chairman and director, joining
Messrs. Hook and Devlin in the office of the chairman. Mr. Newton will
continue as the company's general counsel.
In commenting on the announcement, Mr. Hook said, "Bob has had a
distinguished career with American General and has demonstrated the qualities
the board was looking for to lead the company into the next century."
Mr. Hook, 64, joined American General in 1970 as president of an
insurance subsidiary. He was elected president of the parent company in 1975
and chairman and CEO in 1978. A Chartered Life Underwriter (CLU), Mr. Hook
holds two degrees - BS and MA - from the University of Missouri (Columbia).
-more-<PAGE>
Mr. Devlin, 54, joined American General in 1977 in an insurance
subsidiary, and has served in a broad range of positions in the parent company
and in operating subsidiaries. Prior to being elected as vice chairman in
1993, he served seven years as president and CEO of American General Life
Insurance Company, headquartered in Houston. A Chartered Life Underwriter
(CLU), he holds a BA degree in Economics from Tulane University.
Mr. Newton, 54, joined the company in 1993 as senior vice president and
general counsel, and prior to that time was a partner in the Austin law firm
of Clark, Thomas, Winters & Newton. He holds two degrees - BA and JD - from
The University of Texas. Earlier this year, he completed the Advanced
Management Program at Harvard University.
*****
American General is one of the nation's largest diversified financial
services organizations with assets of $60 billion and shareholders' equity of
$5.5 billion. Headquartered in Houston, it is a leading provider of
retirement annuities, consumer loans, and life insurance to eight million
households. American General Corporation common stock is listed on the New
York, Pacific, London, and Swiss stock exchanges.
###
Accompanying this news release are comments from Mr. Hook, in question-
and-answer format, on the October 26, 1995 announcement of the board of
directors.<PAGE>
Supplement to: News Release 95-19, Dated October 26, 1995, Entitled:
"AMERICAN GENERAL ANNOUNCES CEO SUCCESSION PLAN"
The Board of Directors of American General Corporation today announced the
adoption of a plan of succession for long-time chairman and CEO Harold S.
Hook. Under the plan, Robert M. Devlin, president, will succeed Mr. Hook as
chief executive officer a year from now, in October 1996, and Mr. Hook will
continue as chairman until the annual shareholders' meeting in 1997.
Below, in question-and-answer format, are comments from Mr. Hook, regarding
the succession plan and related issues.
1. Q. Why is the succession plan being announced at this time?
A. The board reached its decision following an active two-year
selection process. In view of my long service as CEO, the board
and I decided that one year was the appropriate period for an
orderly transition.
2. Q. What is the office of the chairman?
A. At American General, it is the organizational unit to which all
subsidiary CEOs and parent company senior officers report, and its
members function both individually and as a team.
3. Q. What is the ranking in the office of the chairman?
A. Although the working relationship is collegial in nature, in
situations where rank is an issue, the order will be Hook, Devlin
and Newton.
4. Q. Will the succession plan have an impact on the way the office of
the chairman operates between now and October 1996?
A. The normal operation of the office of the chairman provides ample
opportunity for the succession transition.
5. Q. What will your responsibilities be after October 1996?
A. That would be up to the board and the new CEO. However, I have
previously agreed with the board to continue as chairman until the
annual shareholders' meeting in 1997.
6. Q. Will you be continuing on the board after retirement?
A. Under our current bylaws, as a former chief executive officer, I
would be eligible to serve an additional five years. However, I
do not plan to stand for election in 1997.<PAGE>
7. Q. How many senior officers will reach normal retirement age in the
next seven years?
A. Out of the top 18 senior officers in the parent and operating
subsidiaries, only three will reach the normal retirement age of
65 in the next seven years.<PAGE>
