Chair Seeks To Oust Insurer Board

Herbert Kurz, the chairman of Presidential Life Corp., says he wants to replace the company’s other directors with a new slate of directors.

Kurz, part of a family that controls about a third of the stock of Presidential Life, Nyack, N.Y. (Nasdaq:PLFE), plans to ask other company shareholders for permission to remove the other directors, Presidential Life says in its third-quarters earnings release.

“The company believes that the consent solicitation is not in the best interests of all shareholders and that the current board of directors and senior management team are best placed to deliver long-term shareholder value,” Presidential Life says. “The company will respond to Mr. Kurz at the appropriate time.”