Eppinger to Step Down as Hanover Insurance CEO in 2016
Wednesday, September 16, 2015
Eppinger informed Hanover's board of directors that he will continue to serve in his current role until the board finds Eppinger's replacement and then he will assist with the transition until June 30, 2016. The board has already started a search for Eppinger's replacement.
"After 12 years of tremendous progress, with the company stronger and better positioned than ever, and with a history of substantial shareholder returns," Eppinger said, "I have decided that it is time for a new leader to step in and work with our talented management team and all of our talented employees to take our company to the next level. I look forward to new professional opportunities, to spending some extra time with my family, and to pursuing some personal interests."
"Fred made extraordinary contributions to The Hanover during what was a critical period and he has positioned our company for the future with a distinctive strategy and distribution platform, a highly experienced team, and a growing global presence," said Michael P. Angelini, chairman of the board at The Hanover. "We appreciate all that Fred has done for our organization and wish him all the best. We remain confident in our ability to achieve our financial goals as we continue to deliver value to all of our constituents."
Eppinger has been with Hanover since August 2003 and under his direction the company has become a highly respected property and casualty carrier with a global reach. Over that same time period, the company has more than doubled in size and has significantly grown its total capital, book value, and earnings power. Today, Hanover is a leading provider of personal, commercial, and specialty insurance lines in the United States, exclusively through independent agents and brokers, with a specialist Lloyd's insurance group that writes business in approximately 200 countries around the world.
In a released statement, Tim Murray, President and CEO, Worcester Regional Chamber of Commerce said, “Fred Eppinger’s record of leadership at Hanover Insurance is an example of what enlightened corporate leadership is all about. The “can do” culture that Fred has helped lead and create has permeated all facets of Worcester and Central Massachusetts. It demonstrates that a company and its employees can do great things every day that strengthen the economic, educational, and over all well-being of the community it calls home. In my lifetime of experiences, both professionally and personally, there are few leaders that I have ever met that have helped lead such a positive and constructive vision for the city and region like Fred Eppinger. On behalf of all the members of the Worcester Regional Chamber of Commerce and partner affiliates, we wish Fred, his wife Patty, and their children the very best as they begin the next chapter of the Eppinger story.”
Last month, GoLocalWorcester listed Eppinger number one in the 25 Wealthiest and Most Influential People in Worcester.
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