Dallas, Texas 02/13/2014 (FINANCIALSTRENDS) – Tower Group International, Ltd. (NASDAQ:TWGP) has new members heading the President and Chief Executive Officer’s posts, following the resignation of Michael H.Lee.
The man behind the recent spate of poor performances at Tower Group International, Ltd. (NASDAQ:TWGP), has resigned with immediate effect. He will now be replaced two members: William W.Fox Jr. who will hold the position of President and CEO, subject to employment terms and conditions finalization.
Until Dec 31, 2013, Fox was the member of the board of Tower Group International, Ltd. (NASDAQ:TWGP) as well as the audit group, besides corporate guidance, plus other committees such as nominating committees.
Tower Group International, Ltd. (NASDAQ:TWGP) has also announced that Jan R.Van Gorder, will be appointed Chairman of the Board. Until recently Gorder held the posts of independent directors of the board and also participated as member of the board’s audit, besides the corporate governance as well as compensation and nominating committees.
Incidentally, Gorder was also one of the Board directors when in March 2013, the company merged with subsidiary belonging to the Canopius Group Holdings Ltd. In turn, that company became Tower Group International, Ltd. (NASDAQ:TWGP) own subsidiary. Accordingly, he was a board member of CastlePoint Holdings Ltd until Feb 2009, when that company too merged to become one of TGIs subsidiaries.
Apparently, Gorder comes to TGI with decades of property as well as casualty industry exposure, considering the fact that he was the CEO, amongst other posts for 25 years at Erie Insurance group.
This follows the recent merger agreement with ACP Re Ltd. Tower Group International will now become a wholly-owned subsidiary of ACP Re Ltd, by the middle of this year. Tower has been a poor performer on the stock market and has seen downgrades from across the industries. The issue was releated to reserving issues as well as summary layoff of employees.