McGavick Named SAFECO Chairman
NU Online News Service, Nov. 8, 4:15 p.m. EST? SAFECO said today that it has added the post of chairman to its chief executive officer and president, Mike McGavick.
The move is "an affirmation that the directors believe the company is well-managed, on the right track," said William G. "Gary" Reed Jr., a long-time member of the board of directors who has served as the Seattle-based insurer's chairman since December 2000.
Mr. Reed noted that since joining the company last year, Mr. McGavick had done much to improve the company's fortunes with cost cutting and other steps.
"Mike came to us at a very difficult time in SAFECO's history. He assembled an outstanding management team, and together they made the tough decisions to turn our company around," Mr. Reed said.
The new title, he said, confirms "that the directors believe the company is well-managed, on the right track, and once again generating positive results for our shareholders, customers and distribution partners."
SAFECO said Mr. Reed will continue to serve on the board as lead outside director.
"I am honored with the confidence the board has shown in our management team," said Mr. McGavick. "And it is critical to underscore the important and permanent role the lead director plays in our corporate governance. Gary, along with the board, has developed this role into a key strategic element of how we govern SAFECO."
Mr. McGavick, on joining SAFECO, launched a series of initiatives including aggressive actions to improve the performance of its core business lines, strengthen its balance sheet, and reduce expenses while investing in training and new technologies, SAFECO said.
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