Bermuda-based White Mountains Insurance Group, Ltd. announced today that Ray Barrette has been elected to replace retiring Chairman Jack Byrne.
In addition to taking over as chairman of the board, Mr. Barrette, who is currently a director, will take on the position of chief executive officer, replacing Steve Fass, who is also retiring.
In a statement, Mr. Byrne said, “With great regret, I must retire completely at this time.” He added, “I have no doubt that Ray Barrette is the right person to lead the company going forward,” noting that both he and his wife had given a full proxy to vote their shares in favor of Mr. Barrette's appointment.
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