Donegal busy at board of directors meeting
Donegal Group Inc. announced two promotions, a stock dividend and a small leave of absence for its leader after a board of directors meeting this week.
The Lancaster County company said Donald H. Nikolaus, its president and CEO, is dealing with an unspecified medical condition and didn't attend Monday's meeting.
According to a Securities and Exchange Commission filing, Nikolaus continues to perform his duties for the company while receiving treatment and the company expects "prompt resumption of his regular activities."
Donegal also announced two promotions. Kevin G. Burke went from senior vice president to executive vice president and chief operating officer, and Jeffrey D. Miller remains chief financial officer, but sheds his senior vice president position and is now an executive vice president.
The company also declared a regular, quarterly cash dividend of 13.15 cents per share of its Class A stock and 11.6 cents per share of its Class B stock.
Those dividend prices were both up from the Jan. 30 dividend price of 12.8 cents for Class A and 11.5 cents for Class B.
The company has not released any information from its annual shareholder meeting scheduled for Thursday. It had been scheduled to vote on the latest proposal from activist shareholder Gregory Shepard in which he wants the company's board of directors to engage in a recapitalization plan for all of the company's outstanding stock to have one vote per share.
Currently, each share of the company's Class A common stock is worth one-tenth of a vote and each share of its Class B stock has one full vote per share, according to an SEC filing.