Beneficial Life Insurance Co. Thursday announced a restructuring of the 88-year-old insurance company's board of directors.
Joining the board are Robert D. Hales, H. David Burton and Richard C. Edgley, all from the Presiding Bishopric of The Church of Jesus Christ of Latter-day Saints, and Wilford Kirton, general counsel to the church.President Ezra Taft Benson and President Thomas S. Monson, of the First Presidency of the church, did not stand for re-election.
Board members standing for re-election include Chairman Howard W. Hunter, Boyd K. Packer, Jay B. Horrocks, Roy W. Simmons, and F. Wayne Chamberlain.
Horrocks, also president and chief executive officer of Beneficial Life, said the changes reflect the company's fundamental leadership philosophy.
"We've historically been led by men of character and integrity, as well as outstanding achievement," he said. "Beneficial Life is a reflection of those who lead it, and I see this change in the board and the inclusion of these fine men as a continuation in this direction."
Based in Salt Lake City, Beneficial Life is a subsidiary of the Corporation of the President of the church.
The company has more than $1.3 billion in assets and nearly $12 billion of insurance in force, placing it among the nation's largest life insurance companies. With a AAA-rated bond portfolio, the Wall Street Journal has termed Beneficial Life the "bluest of blue chips."
Of the new board members, Bishop Hales is the eleventh Presiding Bishop of the church. He has served as both an Assistant to the Council of the Twelve and member of the First Quorum of the Seventy.
Bishop Burton, first counselor in the Presiding Bishopric, has served as the executive secretary to the Presiding Bishopric and the church's assistant budget officer.
Bishop Edgley is second counselor in the Presiding Bishopric and formerly served as managing director of LDS Church Finance and Records.
Attorney Kirton, general counsel to the church since 1964, also serves as general counsel to Deseret Management Corp. and its subsidiaries. He is founder and chairman of Salt Lake law firm Kirton, McConkie & Poelman.