WEST DES MOINES, Iowa (AP) -- FBL Financial Group Inc.'s CEO James Hohmann is stepping down on June 30, the insurance company announced Thursday.
James Brannen, the company's chief financial officer, has been named interim CEO until a permanent replacement is found. The company expects to name a new CEO by the end of next year.
Hohmann will also be stepping down from the FBL Financial Group board.
FBL, based in West Des Moines, Iowa, is a holding company whose primary operating subsidiary is Farm Bureau Life Insurance Company. It also manages all aspects of two Farm Bureau affiliated property-casualty insurance companies.
"When I was hired as CEO of FBL Financial Group the company was struggling to address the serious challenges brought upon by the financial crisis," Hohmann said in a statement.
He said the company has "dramatically strengthened our capital position, increased profitability and grew our business" in the past three years. He said the recent sale of EquiTrust Life had "significantly changed the risk profile and focus of the company."
"With the transition of its operations nearly complete and FBL in a financially strong position, the time is right for me to move on and to find a new challenge," Hohmann said in the statement.
Its shares fell 16 cents to $25.96 by late morning. Its shares have tripled from $7.29 per share in early July 2009. But they have fallen 30 percent their high of $36.93 in mid-December.