NU Online News Service, Dec. 28, 1:40 p.m. EST
Specialty insurer Markel Corp. said that its president and chief operating officer, Paul W. Springman, will resign his position on Jan. 1 to pursue other interests.
The Glen Allen, Va.-based excess and surplus lines insurance company said last week that Mr. Springman–who was president of the National Association of Professional Surplus Lines Offices from 1997 to 1998–has been on a leave of absence since late October.
"We appreciate the contributions Paul Springman has made in over 25 years of service to Markel and wish him well in his future endeavors," Alan I. Kirshner, Markel's chair and chief executive officer, said in a statement.
In a filing with the Securities and Exchange Commission, Markel said Mr. Springman's responsibilities were assumed by other members of senior management upon his leave of absence, and that arrangement continues.
The filing also said that as part of his separation agreement, Mr. Springman will be paid a salary of $535,000 for two years, and will be barred from working with any competitors during that period.
He will also forfeit 3,573 unvested restricted stock units as part of the separation agreement. Mr. Springman will also not receive any incentive compensation for 2009.
A loan made to him by the company, with a balance of close to $232,000 as of Jan. 1, is to repaid in full on April 1, 2010.
A request for additional comment from Markel was not immediately returned.
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