Hub International Limited said the brokerage's chief financial officer, Dennis J. Pauls, has been named president and chief executive officer of Hub International Ontario Limited.
Mr. Pauls, who has served as the company's CFO for over six years, will assume his new role on Sept. 5.
The Chicago-based insurance broker said the firm will immediately begin looking for a new candidate to replace Mr. Pauls, who will continue to serve as CFO of the company.
W. Kirk James, chief corporate development officer for Hub, said while this might be considered an unconventional move, the company views this as an opportunity for growth for Mr. Pauls.
"This is seen as an exciting opportunity for him and a natural progression and evolution [for career growth]," said Mr. James, adding that Ontario is a significant operation with 12 offices across the province.
"Ontario is one of the leading markets in Canada and continues to be a great opportunity for our growth," said Martin P. Hughes, chairman and chief executive officer of Hub. Mr. Pauls' transition to CEO of Hub Ontario reflects his development as a company leader and is a classic example of how we are putting our best people in our best opportunities.
Hub said that as CFO, Mr. Pauls has overseen financial reporting and information technology, participated with other management in taking the company public in Canada and the U.S., and has coordinated numerous financing transactions and the integration of over 120 acquisitions.
Mr. James said there is no timetable for finding a replacement, and that Hub would look both inside and outside of the company for Mr. Pauls' replacement.
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