On August 13, 2020, the Board of Directors of Citizens, Inc. received an Action by Written Consent of the Harold E. Riley Foundation, as the sole Class B shareholder of the Company, whereby the Foundation took action to remove the following directors, representing the remaining Class B directors of the Board after the resignation of Geoffrey M. Kolander: Dr. E. Dean Gage, Dr. Terry S. Maness, Dr. Robert B. Sloan, Jr. and Constance K. Weaver. On August 18, 2020, Dr. Gage, Dr. Maness, Dr. Sloan and Ms. Weaver submitted their resignations as Class B directors from the Board and the Board accepted such resignations. In order to facilitate the orderly transition of the Foundation as the new control party of the Company and protect the interests of all of the Company's shareholders, on August 18, 2020, the Board approved an increase in the size of the Board from nine to thirteen directors, such increase in the size of the Board to be in effect until the next Annual Meeting of Shareholders. Following the increase in the size of the Board, the Board appointed the former Class B directors, Dr. Gage, Dr. Maness, Dr. Sloan and Ms. Weaver, to the Board, effective immediately, to serve until the next Annual Meeting of Shareholders. Such appointments were made to fill the four vacancies on the Board resulting from the increase in Board size. There were no changes to the Company's committee structures. Dr. Gage will continue to serve on the Executive Committee and Investment Committee of the Board and will serve as Chairman of the Corporate Governance Committee of the Board. Dr. Maness will continue to serve as Chairman of the Audit Committee of the Board. Dr. Sloan will continue to serve on the Executive Committee and Audit Committee of the Board and will serve as Chairman of the Compensation Committee of the Board. Ms. Weaver will continue to serve on the Nominating and Corporate Governance Committee and Investment Committee of the Board. There are no transactions between each of Dr. Gage, Dr. Maness, Dr. Sloan and Ms. Weaver and the Company that would be required to be reported under Section 404(a) of Regulation SK.
Citizens, Inc. is a diversified financial services company. The Company is providing life, living benefits and final expense insurance and other financial products to individuals and small businesses in the United States, Latin America, and Asia. The Company operates through two segments: Life Insurance, and Home Service Insurance. The Life Insurance segment sells United States dollar-denominated ordinary whole life insurance, endowment, and critical illness policies to non-United States residents, located principally in Latin America and the Pacific Rim, internationally. Also, this segment domestically sells whole life insurance, life insurance with living benefits, critical illness, credit life and disability products throughout the United States. Home Service Insurance segment sells final expense life insurance policies to middle- and lower-income households, as well as whole life products with higher allowable face values, in Louisiana, Mississippi and Arkansas.