Late yesterday, Seattle-based Safeco announced that Chief Executive Office Mike McGavick will leave his post, effective Aug. 31, to turn to a life of public service.
Although neither Mr. McGavick nor Safeco specifically addressed the rumor that Mr. McGavick will make a run for the U.S. Senate in official announcements or during an earnings conference call, the Seattle Times reported yesterday–and earlier this year==that the CEO is the top Republican contender in the state.
Recalling different types of rumors–rumors "about whether or not Safeco was going to survive," which had swirled around the company four-and-a-half years ago when he took the helm, Mr. McGavick said the decision to step down was difficult one after having been part of the management team credited with turning the company around.
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