NU Online News Service, Jan. 30, 11:25 a.m. EST
The chief executive of Daytona, Fla.-based insurance brokerage firm Brown & Brown stepped down from his post for health reasons, and his father has taken the leadership reins once again.
J. Powell Brown, president and chief executive officer, is taking a temporary leave of absence, the firm said in a filing with the Securities and Exchange Commission. His father, former CEO J. Hyatt Brown will take over in his absence.
Brown succeeded his father as CEO in 2009 upon J. Hyatt Brown’s retirement from that post. The elder Brown remained chairman.
Speaking to NU Online News Service, Cory Walker, chief financial officer for Brown & Brown, says the firm “is very, very fortunate to have Hyatt Brown” to step into Powell Brown’s place while he is on temporary leave. He says the company will “continue without missing a step.”
He says there was no date for Powell Brown’s return and would not comment further on Brown’s health issue.
According to his biography on the firm’s website, Brown, 40, was elected president of Brown & Brown in 2007. He was named regional executive vice president in 2002. He was a profit-center leader of the company’s Orlando,Fla., retail office from 1998 to 2003. From 1995 to 1998, he served as a sales producer and later market manager in the Daytona Beach office.
Before joining Brown & Brown he was with the Continental Insurance Co.