Madison, Wis. (May 10, 2011) — Dan Schultz, current chief financial officer/treasurer at American Family Mutual Insurance Company, will become the company's new president and chief operating officer (COO).
The company's board of directors today elected Schultz to succeed Jack Salzwedel.
The board elected Salzwedel in February as chairman and chief executive officer (CEO), succeeding retiring CEO Dave Anderson, effective Nov. 1, 2011.
Schultz's election to chief operating officer is effective immediately, and he will assume the president position Nov. 1 when Salzwedel begins both his new roles.
"Dan Schultz has tremendous experience and a complete understanding of American Family's operations and finances," said Anderson, who first hired Schultz at American Family in 1977. "He has a thorough grasp of the challenges and opportunities facing our company. The board recognizes he is the most capable person to serve as president and chief operating officer during these times of significant change in the insurance industry and our company."
Added Salzwedel, "I have worked with Dan over the years, and have a strong appreciation of his intellect and analytical abilities to creatively solve problems. He knows how this company operates, what needs to change and what must not change, combined with a genuine appreciation for our exclusive agent sales force."
Schultz joined American Family in 1977, working part-time in the finance department while pursuing his master's degree in finance at the University of Wisconsin-Madison, where he earlier earned his bachelor's degree in accounting.
A certified public accountant, he became a full-time employee a year later, working in the financial analysis area until 1983, when he was promoted to property casualty tax manager. Four years later, he was named corporate tax director. In 1999, the board of directors elected Schultz to the position of vice president, controller. In that role, he oversaw all financial planning and reporting, budgeting, financial analysis, loss reserving, tax planning and reporting and corporate planning. In 2006, he was elected executive vice president/chief financial officer and treasurer.
Based in Madison, Wis., American Family Insurance offers auto insurance, homeowners insurance, life insurance, health insurance, business and farm/ranch insurance in 19 states. American Family insurance is the nation's third-largest mutual property/casualty insurance company. Web: www.amfam.com; Facebook: www.facebook.com/amfam; Twitter: www.twitter.com/amfam.