Houston-based HCC Insurance Holdings, Inc., after an internal probe of improper stock option pricing, said it may restate prior financial reports and it has replaced Stephen L. Way, its founder and chief executive.
The specialty insurer said in its Friday announcement that founder Mr. Way had resigned as CEO, to be replaced with board member Frank J. Bramanti. Mr. Way was immediately hired as an HCC consultant.
Mr. Bramanti, a board member since 1980, has held various positions with HCC from 1980-2001, including executive vice president, chief financial officer and interim president.
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