Transportation specialty insurer Baldwin & Lyons announced late last week that it has brought in outside legal counsel for a comprehensive governance review after the sudden and simultaneous retirement of three senior officials.
Chief Executive Officer Joseph J. DeVito, Chief Financial Officer Gary W. Miller and Chief Operating Officer G. Patrick Corydon left the Carmel, Ind.-based company on Thursday, the company announced later that day.
No reason was given for the sudden retirements, though the company statement thanked them for “their many years of service.”
DeVito, the CEO, has been with Baldwin & Lyons for 31 years. Miller and Corydon were with the insurer for 51 years and 38 years, respectively, according to a news release from the company.
|Board hires independent legal counsel
“The board has retained independent legal counsel to conduct a comprehensive governance review, including a review of certain matters brought to the board’s attention in connection with the retirements of Messrs. DeVito, Miller and Corydon,” the company said in the news release.
Baldwin & Lyons also announced replacements for the three men “effective immediately.”
W. Randall Birchfield, executive vice president, sales and underwriting, was named chief executive officer and was elected to the company’s board.
Douglas W. Collins, assistant vice president and director of accounting and finance, was named interim chief financial officer.
Michael J. Case, senior vice president of claims and legal, general counsel and secretary was given the additional role of chief operating officer.
The company also said that it would file a Form 8-K with the Securities and Exchange Commission as a result of the mass retirement. The 8-K form is used to officially notify investors of events that might affect shareholders.
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