J. Powell Brown, the son of J. Hyatt Brown, will succeed his father as the chief executive of the insurance brokerage firm Brown & Brown Inc., the company announced today.
The Daytona Beach, Fla.-based insurance broker announced today that J. Hyatt Brown, 69, plans to retire as chief executive officer July 2009, to be succeeded by his son, J. Powell Brown.
To begin the succession process, J. Powell Brown, 39, was named president. The current president, Jim W. Henderson, 60, was named vice chairman, a new position within the firm. He will remain chief operating office.
Upon his retirement J. Hyatt Brown will remain as nonexecutive chairman of the board.
J. Powell Brown was the firm's regional executive vice president, responsible for certain wholesale brokerages and public entity operations. He will continue to report to Mr. Henderson under the current arrangement.
"These actions reflect Brown & Brown's clear policy of continuity and goal of focusing on internal candidates who have successfully embodied and lived the Brown & Brown culture of meritocracy over an extended period of time," the firm said in a statement.
Mr. Henderson was named president and COO in 2002 and serves as a director of the company. He has served in the company's senior management dating back to its predecessor corporation in 1985.
J. Powell Brown was named regional executive vice president in 2002. He was a profit center leader of the company's Orlando, Fla., office from 1998 to 2003 and marketing manager in the headquarters office from 1995 to 1998. Before joining Brown & Brown he was with Continental Insurance Company.
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