W. Thomas Forrester, 57, the chief financial officer for Mayfield, Ohio-based insurer Progressive has announced his intention to retire early next year.
Progressive said Mr. Forrester will serve as the company's CFO until his retirement, which is expected during the first quarter of 2007. He will participate in the certifications of the company's 2006 financial statements until then.
Glenn Renwick, chief executive officer and president, said Mr. Forrester, whom he has worked with for 20 years, will be involved in the selection of a new CFO and added the company expects the choice to be made from within the organization.
Progressive also announced it would pay a quarterly dividend of 3 cents a share on March 31 to shareholders of record as of March 10.
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