CEO Succession Plan

 

Karen Bjerland has been with FaithLife Financial for 27 years and has served as President and Chief Executive Officer for the last 8 years. The Board is highly appreciative of Karen’s capable and excellent leadership over these many years. Karen is looking forward to retiring sometime over the next 18 months and we wanted to take this opportunity to provide you with an update on the Board’s succession planning discussions and activities.

Karen has presided as CEO during a period of significant transformation at FaithLife Financial including revitalizing the organization’s value proposition to focus on stewardship, member-centricity and partnership, building distribution capacity and capability, launching competitive life insurance and fraternal products, and implementing a new back-office administration system. The hallmark of Karen’s leadership has been servant leadership.

Among the business priorities recently achieved, the Board would like to congratulate Karen and her team for the assumption reinsurance of life insurance policies previously held by the Sons of Scotland Benevolent Association. This transaction not only strengthens FaithLife Financial’s financial position, it also represents a 15% increase in membership. We extend a warm welcome to the Sons of Scotland members who come to FaithLife Financial through this assumption reinsurance agreement.

At a July 17, 2018 meeting, the Board appointed a CEO Search Committee under the leadership of the Chair of the Human Resources and Nominations Committee, Cliff Inskip, and including former Board Chair Sheryl Teed Callum and me as the current Board Chair, with a mandate to identify and recommend to the Board a preferred candidate for FaithLife Financial’s next President & CEO. As selection of a qualified President and CEO can be a lengthy process, the CEO Search Committee has commenced its work.

While the search process is underway, FaithLife Financial’s business will continue under Karen’s leadership. FaithLife Financial is well positioned to serve our members and support the sales force and our staff. Business priorities and day-to-day service to our valued members continues as planned.

Once a new President and CEO has been selected, it is expected that Karen will continue her involvement with FaithLife Financial to support the transition to a new President and CEO. The Board will keep members informed as developments arise.

Sincerely,
Bryce Walker, Board Chair

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