The American Equity Investment Life Holding Co. board of directors has elected David Mulcahy to fill the vacancy created by the resignation of Steve Chapman, who resigned from the board effective Dec. 31, 2010.

Mulcahy’s initial term will expire on the date of the company’s next annual shareholders meeting. On that date, he will stand for election to the board by the company’s stockholders for a term expiring in 2012.

Mulcahy previously served as a member of the American Equity board from 1996 to 2006. He is a certified public accountant and currently serves as chairman of the board of directors of Waukee-based Monarch Materials Group Inc.