Alan Colberg
About Alan Colberg
Independent Chair of Corebridge’s Board since December 9, 2024; director since 2022. Age 63. Former CEO and President of Assurant with 30+ years of financial services and insurance leadership, and prior Bain & Company managing director. Serves as Chair of the Nominating & Corporate Governance Committee, with independence affirmed despite a director role at Russell Reynolds Associates, a firm that provides search services to Corebridge; the Board deemed this relationship immaterial.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Assurant, Inc. | President & Chief Executive Officer | 2015–2021 | Led strategic transformation and complex enterprise operations |
| Assurant, Inc. | Chief Executive Officer | 2021–2022 | Continued oversight of growth and execution |
| Assurant, Inc. | EVP, Marketing & Business Development | 2011–2014 | Corporate strategy and finance experience |
| Bain & Company, Inc. | Managing Director and other positions | 1987–2010 | Corporate strategy and finance expertise |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| U.S. Bancorp | Director | Since 2023 | Current U.S. public company board |
| Assurant, Inc. | Director | 2015–2021 | Past five years public company board |
| Title Resources Guaranty Corp | Director | Since 2022 | Private company board |
| E. & J. Gallo Winery | Director | Since 2023 | Private company board |
| Russell Reynolds Associates | Director | Since 2024 | Provides search services to Corebridge; independence deemed intact |
| Doma Technology LLC | Director | Since 2024 | Private company board |
Board Governance
- Roles: Independent Chair of the Board (since Dec 9, 2024); previously Lead Independent Director (appointed June 3, 2024). Chairs Nominating & Corporate Governance Committee.
- Independence: Board determined Colberg is independent under NYSE standards; considered his director role at Russell Reynolds and found the financial relationship immaterial to independence.
- Attendance and engagement: Board held 4 meetings in 2024; each director attended at least 75% of meetings; overall Board and Committee attendance ~99% in 2024; directors expected to attend annual meetings.
- Executive sessions: Regular executive sessions of independent directors without management; the independent Chair presides.
- Committee landscape: Audit (independent), Compensation & Management Development (majority independent; fully independent within transition window), Nominating & Corporate Governance (majority independent), Risk Committee established Feb 2025.
- Stockholder rights and governance norms: Majority voting for directors, proxy access, right to call special meetings, right to act by written consent; robust director ownership guidelines; no hedging/pledging/short sales.
Fixed Compensation
| Component | Amount | Timing/Terms |
|---|---|---|
| Cash fees (2024 actual) | $213,849 | Paid quarterly in arrears |
| Annual equity (DSUs, 2024 grant-date fair value) | $165,000 | Vests immediately; settlement deferred until departure from Board; dividend equivalents paid at settlement |
| Total (2024) | $378,849 | Sum of cash + DSUs |
| Program parameters | Base cash retainer $120,000; Chair of the Board $200,000; Committee chair retainers: Audit $35,000; Nominating & Corporate Governance $25,000; Compensation & Management Development $25,000; Risk $25,000 | Paid quarterly; prorated when roles start during a quarter |
| Director stock ownership guideline | 5x annual cash retainer ($600,000) | Satisfied over time via DSUs |
| Perquisites | None for non-employee directors | No meeting fees; mix emphasizes equity |
Performance Compensation
| Element | Status | Notes |
|---|---|---|
| Performance-based equity or cash | Not applicable | Corebridge directors do not receive performance-based equity awards; annual grants are DSUs only |
Other Directorships & Interlocks
- Interlock/vendor relationship: Russell Reynolds Associates provides director search services to Corebridge; Colberg is a director of Russell Reynolds. The Board assessed and deemed the relationship immaterial, maintaining Colberg’s independence.
- Strategic shareholders: AIG, Blackstone, and Nippon have designation rights for certain directors; Board composition is majority independent and has transitioned governance post-control. While not Colberg-specific, this context informs oversight dynamics under an independent Chair.
Expertise & Qualifications
- Executive leadership: Former public company CEO (Assurant); complex transformation experience.
- Financial, audit, accounting: Extensive corporate strategy and finance background from Bain and Assurant.
- Industry experience: Deep insurance and financial services domain.
- Governance: Chair of Nominating & Corporate Governance; leads director recruitment, independence assessments, committee assignments, and governance framework.
Equity Ownership
| Holder | Shares Beneficially Owned | Notes |
|---|---|---|
| Alan Colberg | 53,402 | Includes 23,402 fully vested DSUs; directors’ DSUs settle after Board service ends |
| Shares outstanding (reference for % ownership) | 549,704,830 | As of May 13, 2025 |
| Ownership as % of outstanding | ~0.01% | Computed from disclosed holdings and shares outstanding |
Governance Assessment
- Strengths
- Independent Chair since late 2024 with clear division of Chair/CEO roles, enhancing oversight and accountability.
- Chairs Nominating & Corporate Governance, guiding board refreshment, director independence, succession planning, and governance framework; Board effectiveness metrics show high attendance.
- Alignment mechanisms: DSUs deferred until departure; robust 5x cash retainer stock ownership guideline; anti-hedging/pledging and clawbacks in place.
- Shareholder confidence signal: 2024 Say-on-Pay approval 99% of votes cast, indicating support for compensation governance.
- Watch items / potential RED FLAGS
- Vendor interlock: Russell Reynolds provides services while Colberg is a director; Board concluded immaterial, but ongoing monitoring of fees and decision-making recusal practices is prudent.
- Ownership concentration context: While Colberg’s personal stake is small relative to total shares, DSU structure and guidelines aim to ensure alignment; individual director guideline compliance is not specifically disclosed.
- Overall: Colberg’s profile supports board effectiveness—seasoned operator in insurance/financial services, independent leadership, and governance rigor amid evolving shareholder designations—tempered by a manageable vendor interlock that the Board has explicitly reviewed.