Progressive (PGR) Elects Lawton W. Fitt to Board; Approves New 50 Million Share Buyback Plan
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The Board of Directors of The Progressive Corporation (NYSE: PGR) elected Lawton W. Fitt, 55, to fill a vacancy on the Company's Board for a term ending on the date of the Annual Meeting of Shareholders in April 2010.
Ms. Fitt is a retired partner of Goldman Sachs & Co. (NYSE: GS), where she worked until 2002. She currently serves on the Boards of Directors of Ciena Corporation (Nasdaq: CIEN), Thomson Reuters (NYSE: TRI), Frontier Communications (NYSE: FTR), and Overture Acquisition Corporation (NYSE Amex: NLX), and is a trustee of several not-for-profit organizations.
The Board also approved a new authorization for the Company to repurchase up to 50 million of its Common Shares commencing on July 1, 2009; there is no expiration date. This authorization will replace the approximately 48 million shares that currently remain under the Board's June 2007 authorization, which will expire by its terms on June 30, 2009. [SM]
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