Edward Kelly has resigned from the board of AXIS Capital Holdings Ltd. to conform to new guidelines that chief executive officers should only serve on two boards outside of their own.
The actions came in the wake of recommendations from Institutional Shareholder Services, an investor advisory service. Mr. Kelly has served as CEO of Mercantile Bancshares Corporation and chairman of its board of directors since March of 2003.
In addition, he is a director of CSX Corporation and Hartford Financial Services Group.
Michael Butt, chairman of AXIS Capital said he was grateful for Mr. Kelly's service.
The resignation took effect Tuesday and the company has no immediate plans to appoint a successor.
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