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It's unclear whether the new reporting structure was announced because of the investigation or if the company knew that Watson planned to step down. Argo did not immediately respond to requests for comment at the time of this publication. (Photo: iStock) It’s unclear whether the new reporting structure was announced because of the investigation or if the company knew that Watson planned to step down. Argo did not immediately respond to requests for comment at the time of this publication. (Photo: iStock)

Argo Group International Holdings Ltd. announced its establishment of a new reporting structure led by newly appointed executive vice presidents. Gary Grose, Tim Carter and the third executive vice president, to be announced later this year, will report to Kevin Rehnberg, who was named interim CEO on Nov. 5 after Mark E. Watson III stepped down from the position amid an investigation by securities regulators over Argo’s executive compensation practices.

The investigation comes after an activist investor, Voce Capital Management, accused Argo of misusing corporate assets, including company-owned aircraft and housing. According to Bloomberg, among Voce’s allegations is that Argo failed to properly disclose the details of its corporate jet program, which Voce estimated costs millions of dollars a year to maintain and traveled dozens of times to airports near Watson’s homes and holiday destinations.

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Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected]

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