American Equity Investment Names John Matovina CEO

American Equity Investment Life Holding Co. (AEL), the seller of fixed annuities, named John M. Matovina as chief executive officer following the death of Wendy Waugaman this month.

Matovina, 58, the chief financial officer and interim CEO since Waugaman took a medical leave about three weeks ago, will also serve as president, the West Des Moines, Iowa-based insurer said today in a statement. Ted M. Johnson, 42, the firm’s controller, was named to replace Matovina as CFO, the company said.

Waugaman, who joined the insurer in 1999 and became CEO in 2009, died June 18 after a struggle with cancer. The firm advanced 50 percent in New York trading since she took over through June 7, compared with the 52 percent gain of the Russell 2000 index.

“The board has a great deal of confidence in Mr. Matovina, Mr. Johnson and the entire management team,” the company said in the statement.

To contact the reporter on this story: Steven Norton in New York at snorton7@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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