Richfield, Ohio-based transportation insurer National Interstate Corporation announced today that David W. Michelson will become its president and chief executive officer Jan. 1, 2008.
Following a succession plan that began in 2005, Mr. Michelson will replace Alan R. Spachman, who will remain as company chairman.
Mr. Michelson, a veteran of 28 years in the insurance industry, has served as the company's president and chief operating officer throughout 2007 and has held several other key positions since joining National Interstate in 1992, the company noted.
Mr. Spachman is National Interstate's founder and has served as its chief executive since the company's inception in 1989.
“It has been our stated intention to transition Dave into the CEO role. We confirmed these intentions at yesterday's Board of Directors' meeting, which was our last scheduled meeting for 2007,” said Mr. Spachman.
The company also announced that its board approved a 5 cents per share dividend at its meeting yesterday. The cash dividend will be payable on Dec. 14 to shareholders of record as of Nov. 30.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.