Athene CFO Departs as Insurer Seeks to Improve Reporting

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Athene Holding Ltd., the insurer tied to Apollo Global Management LLC, said Chief Financial Officer Brenda Cushing is leaving as the company works to fix its accounting.

The insurer, which has been planning for a possible public offering, has begun a search for a new CFO, Athene said in statement published Tuesday on the website of Apollo Alternative Assets. Cushing will assist in the transition and leave Aug. 14, according to the statement.

Athene is working to improve financial reporting after saying in February that it withdrew its first-quarter results amid flaws tied to its accounting for reserves and taxes. Cushing will lead the process of finalizing full-year statements for 2014 to meet generally accepted accounting principles, the company said. Those documents are expected to be released in September, according to the statement.

“Brenda has been, and continues to be, a vital and trusted part of our leadership team; we are sorry to see her leave us,” Chief Executive Officer Jim Belardi said on a conference call today. “She’s been disciplined, organized, always prepared and gets high marks from everyone, so we wish her well.”

Reissued results show that shareholder’s equity for the first quarter of 2014 was $152 million higher than previously reported, Athene said on a call with investors Tuesday.

Germany, Iowa

Cushing will pursue other professional and personal opportunities after 22 years with Athene and legacy companies, according to the statement. Athene is also looking for a new chief investment officer and chief risk officer for a German unit acquired this year, the company said.

Athene has been consolidating offices as the company expands through acquisitions. The business has been moving employees to its operational headquarters in West Des Moines, Iowa, from locations including Topeka, Kansas, and Greenville, South Carolina, according to a presentation today.

AP Alternative Assets LP, which was established by Leon Black’s New York-based Apollo Global Management, is Athene’s largest shareholder.

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