Lincoln Financial Group

  • Oct 10, 2005: Lincoln National announces buyout of Jefferson-Pilot in a $7.5 billion deal.
  • March 20, 2006: More than 200 Jefferson Pilot shareholders hold last meeting in downtown Greensboro. They meet simultaneously with Lincoln National’s shareholders in Philadelphia, to sign off on Lincoln’s $7.5 billion buyout of JP.
  • Nov 2007: Announced the company is selling all three of its TV stations, as well as its sports syndication business, to Raycom Media Inc. for $583 million in cash. Separately, Lincoln said it has reached an agreement to sell its three radio stations in Charlotte to Greater Media Inc. for $100 million in cash, and will "explore options" to divest its other radio holdings.
  • Dec 2008: announces a nationwide layoff that affects the workforce in Greensboro. Lincoln employed 1,323 people in Greensboro before the layoff. The employees were given 60 days notice as well as severance.
  • April 2009: Pays back $500 million out of $875 million in commercial debt that comes due --with plans to pay the rest in May. About 540 workers nationwide cut, including an unspecified number in Greensboro.
  • May 2009: Receives preliminary approval for a $2.5 billion injection from the Treasury Department's Troubled Asset Relief Program, or TARP. Lincoln employs about 1,300 people in Greensboro.
  • June 2009: Announces the company will accept as much as $950 million in capital from TARP money.
  • Nov 2009: CEO Dennis Glass seeks government approval to repay TARP money to the government and suggest the debt could be repaid as early as the second half of 2010.
  • 2011: Glass earns $12.7 million in 2011, a 72 percent pay increase from 2010.
  • Sept. 2012: Lincoln Financial Group lays off 130 workers, 30 of whom are employed in Greensboro.
  • March 2015: Announced plans for a multimillion dollar renovation of the original office tower built in 1923.

Also See: Jefferson Standard Life Insurance

Dennis R. Glass, Lincoln Financial's CEO

Source: News & Record archive

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