Utility Firm Veteran To Take Safeco Helm
Safeco has chosen a veteran of the utility industry, Paula Rosput Reynolds, to take over as president and chief executive officer of the Seattle-based insurer on Jan. 1.
Ms. Reynolds, who was also appointed to Safeco's board, will replace Mike McGavick, who steps down on Dec. 31 as CEO and chairman to run for the U.S. Senate. He will provide transition services for two months as a Safeco employee, the company said.
Ms. Reynolds is currently chair, president and CEO of AGL Resources, an Atlanta-based energy holding company that includes six natural gas utilities, wholesale services and energy investments.
In her five years as AGL's CEO, the company expanded from a regional gas utility to a multistate, integrated energy company, doubling its share price and market capitalization while increasing its dividend by 37 percent.
Ms. Reynolds said she is enthused by the opportunity “to lead Safeco to the next level of success–creating a sustainable competitive advantage and long-term value.”
Safeco also announced the election of Joseph W. “Jay” Brown–a Safeco director since 2001–as its non-executive chairman effective Jan. 1, replacing Mr. McGavick.
Mr. Brown is chairman of MBIA Inc., a financial services company. Before joining MBIA in 1999, Mr. Brown was chairman, president and CEO of Talegen Holdings Inc., the former insurance holdings operation of Xerox Corp., as well as president and CEO of Fireman's Fund.
“Rather than a sprint, we're now in the race for the long run. We intend to deliver excellent performance year after year.”
Paula Rosput Reynolds
New President & CEO, Safeco
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