CEO Rogal Says Farewell
By Mark E. Ruquet
NU Online News Service, April 18, 10:25 a.m. EDT ? Andrew L. Rogal has said good-bye to his insurance brokerage firm, Hilb, Rogal and Hamilton Co. His farewell came during an investor's conference call as he retired from the firm that bears his name.
The exiting chief executive stepped out as his company reported a first-quarter 42 percent revenue increase of $42.1 million over the same period last year, going from $99.9 million to $142 million.
Mr. Rogal said his retirement as chairman and chief executive officer, announced in March, is to be viewed as "positive in every way."
"This was not abrupt," said Mr. Rogal. "There was a lot of planning that went into this."
Of his replacement, Martin L. "Mell" Vaughan III, Mr. Rogal said if he did not feel Mr. Vaughan had the skills to take over the job, "I would not feel as comfortable as I am in his taking over."
"I think this is a company he will take to new heights," he added.
"He departs leaving us with a company filled with lots of spirit, a company deep in professional talent, and a company with absolute financial integrity," said Mr. Vaughn of Mr. Rogal's retirement.
For the first quarter ending March 31, 2003, the Richmond, Va.-based firm reported net income decreased $1.03 million, or 6 percent, going from $19.13 million in 2002 to $18.1 million. Net income per share was off nine cents, going from 60 cents per share to 51 cents a share.
The net income decrease for the quarter was due to a retirement agreement to Mr. Rogal of $3.2 million. Without the retirement, HRH would have reported a net income increase of 11 percent, or $2.2 million, for net income of $21.3 million for the first quarter of 2003.
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