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BRIEF-PICO Holdings board announces management changes; Concludes Synthonics investigation

Oct 12 PICO Holdings Inc

* PICO Holdings board of directors announces management changes and concludes Synthonics investigation

* PICO Holdings Inc says has terminated John R. Hart as CEO of company, and as CEO of Vidler Water Company, effective immediately

* PICO Holdings - In connection with termination, Hart will receive severance benefits in accordance with amended and restated employment agreement

* Hart currently remains a director of both PICO and UCP Inc

* Board appointed Maxim C. W. Webb, chief financial as PICO's new chief executive officer, effective immediately

* PICO Holdings - Independent directors are currently evaluating a range of options with respect to removal of Hart from director roles as soon as possible

* PICO Holdings -Independent members have completed their review of PICO's investment in and loan to Synthonics Inc and related public disclosures

* PICO - Board concluded prior to initial investment in 2010 audit committee received all information regarding Ken Slepicka's, Hart's interest in Synthonics Source text for Eikon: Further company coverage:

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