NU Online News Service, Nov. 4, 3:45 p.m. – The board of directors of Financial Industries Corporation, Austin, Tex., has elected Eugene Payne as the president, chief executive officer and chairman of the board, the company announced today.

Payne has been acting as interim chairman of the board since Aug. 27. He takes over the CEO responsibilities from interim CEO Thomas C. Richmond, who will continue as vice president-operations and secretary.

Payne is currently chairman of the management department at Southwest Texas State University. Until his early retirement at the end of 1999, he had served for 11 years in various executive capacities for FIC and its operating companies.

Financial Industries Corporation, through its various subsidiaries, markets and underwrites individual life insurance and annuity products.