Lincoln National Moving Headquarters To East Coast

Jon A. Boscia, president and chief executive officer of Lincoln National, says his company has decided to move its corporate offices to the Philadelphia region. He says the board weighed several options, including keeping the headquarters in Fort Wayne.

"This was not an easy decision," Boscia said. "Fort Wayne has been a good home for our company for more than 90 years. But now there is a need for the corporate headquarters to be located in a major metropolitan area where greater access to the financial centers can spur further growth."

Pennsylvania Governor Tom Ridge said, "Pennsylvania today can be proud that Lincoln Financial Group—a FORTUNE 100 company and a high-tech financial services leader—has chosen Pennsylvania to base its world headquarters and create as many as 100 new jobs. We welcome Lincoln Financial Group, its headquarters and its 60-plus senior-management jobs with open arms and an open door."

Lincoln's Boscia noted, "We will continue to have major business operations in Fort Wayne as well as more than 3,000 employees, including approximately 250 officers. In addition, the Lincoln National Foundation and The Lincoln Museum will continue their current operations."

A specific location for Lincoln Financial Group's Corporate Center has not been identified. The move is expected to be completed sometime in mid-1999. Boscia said the expenses associated with the relocation are not significant to LNC's results.

Lincoln Financial Group announced in September that it was considering a move of its headquarters, the staff of which has been reduced from nearly 250 positions to approximately 60. Many functions previously handled by the corporate headquarters staff have been moved to the company's business units while about 35 positions have been eliminated.

Sources in Pennsylvania say the company considered several other cities in the Northeast and the Midwest to base the headquarters. Gov. Ridge noted his office has worked closely with Mayor Ed Rendell to help bring Lincoln and its jobs to the Philadelphia region. The Commonwealth is finalizing an economic-incentive package to help Lincoln Financial Group and its move to Pennsylvania.