WEST DES MOINES, Iowa -- The president and CEO of American Equity Investment will take a medical leave of absence, effective immediately, the company said Friday.
The annuity and insurance underwriter did not disclose further details about the departure of Wendy Waugaman, citing privacy issues.
Waugaman will remain a member of the board and take part in management and strategic discussions as her health permits, the company said.
John Matovina, the company's chief financial officer, will serve as interim CEO and president during Waugaman's absence, American Equity said.
Waugaman joined the company in 1999 and held roles as chief financial officer and general counsel. She became CEO and president at the beginning of 2009.
Matovina has been a member of American Equity's board since 2000 and served as vice chairman since 2003. He became chief financial officer in 2009.
American Equity shares fell 5 cents to $10.47 in morning trading.
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