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 31, 2002
FINANCIAL INDUSTRIES CORPORATION
(Exact name of Registrant as specified in charter)
Texas 0-4690 74-2126975
(State or other jurisdiction (Commission file number) (I.R.S. employer
of incorporation) identification no.)
6500 River Place Blvd., Building One
Austin, Texas 78730
(Address of principal executive offices)
Registrant's telephone number, including area code: (512) 404-5000
______________________________
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Item 5.Other Events
On November 4, 2002, the Board of Directors (the "Board") of Financial
Industries Corporation (the "Registrant") appointed Dr. Eugene Payne as the
Registrant's new President, Chief Executive Officer, and Chairman of the Board.
The appointment is effective immediately. Dr. Payne has been acting as Interim
Chairman of the Board since August 27, 2002. He takes over the CEO
responsibilities from Interim CEO, Thomas C. Richmond. Mr. Richmond will
continue in his role as Vice President-Operations and Secretary.
The Registrant announced that the employment agreement between the Registrant
and Roy F. Mitte, the former Chairman, President, Chief Executive Officer, was
terminated effective October 31, 2002. While the employment agreement has been
terminated, the employment of Mr. Mitte has not been terminated. He will
continue as an employee of the Registrant in the newly created position of
Chairman Emeritus. His salary is set at the same annual rate which non-employee
directors of the Registrant receive for service on the Board, and he shall be
entitled to certain employee medical and life insurance benefits.
Exhibits.
99.1* - Press Release dated November 4, 2002
__________________
* Filed herewith
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SIGNATURES
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 hereunto duly authorized.
FINANCIAL INDUSTRIES
CORPORATION
Date: November 6, 2002 By: /s/ Eugene E. Payne
___________________________
Eugene E. Payne
Chief Executive Officer
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Exhibit 99.1
FOR IMMEDIATE RELEASE
November 4, 2002
FOR MORE INFORMATION CONTACT
Robert S. Cox
512-404-5128
FINANCIAL INDUSTRIES CORPORATION ANNOUNCES APPOINTMENT OF
NEW PRESIDENT, CHIEF EXECUTIVE OFFICER & CHAIRMAN OF THE BOARD
AUSTIN, TEXAS -- Financial Industries Corporation (FIC) (Nasdaq: FNIN) announced
that its Board of Directors elected Dr. Eugene Payne as the Company's new
President, Chief Executive Officer, and Chairman of the Board. The appointment
is effective immediately. Dr. Payne has been acting as Interim Chairman of the
Board since August 27, 2002. He takes over the CEO responsibilities from Interim
CEO, Thomas C. Richmond. Mr. Richmond will continue in his role as Vice
President-Operations and Secretary.
Dr. Payne is currently Chairman of the Management Department at Southwest Texas
State University. Until his early retirement at the end of 1999, he had served
for 11 years in various executive capacities for FIC and its operating
companies. He also served as a Director of FIC and its affiliate,
InterContinental Life Corporation. In the 20 years prior to his tenure with FIC,
Gene served in executive positions for Texas Tech University, EDS, the
University of Texas at Dallas and E. I. DuPont.
In commenting on his appointment, Gene stated that he is pleased to have the
opportunity to lead FIC during this transition period. He indicated that he
plans to work with FIC's senior management team in refining and implementing
strategies to improve performance and growth.
FIC also announced that the Board of Directors has terminated the employment
agreement between the Company and Roy F. Mitte, the former Chairman, President,
Chief Executive Officer, effective October 31, 2002. The Company has designated
Mr. Mitte as Chairman Emeritus.
The information in this release relating to the Company's operations and
financial results, future business developments, and contingencies and
uncertainties constitute forward-looking statements under the Private Securities
Litigation Reform Act of 1995.
Financial Industries Corporation, through its various subsidiaries, markets and
underwrites individual life insurance and annuity products. The Company's NASDAQ
symbol is FNIN. For more information on FIC, go to http://www.ficgroup.com on
the Internet.
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