Business
Selective Announces Planned Transition Of Non-Executive Chairperson Gregory E. Murphy
Murphy Will Not Seek Re-Election at 2022 Annual Meeting of Stockholders Board Intends to Maintain Lead Independent Director and Elect John J. Marchioni
About this update from Selective Insurance Group, Inc.
[{"type":"text","content":"Murphy Will Not Seek Re-Election at 2022 Annual Meeting of Stockholders\n Board Intends to Maintain Lead Independent Director and Elect John J. Marchioni Chairperson Following Annual Meeting\n\n\nBRANCHVILLE, N.J., Dec. 9, 2021 /PRNewswire/ -- Selective Insurance Group, Inc. (NASDAQ: SIGI) announced that Gregory E. Murphy, the Company's Non-Executive Chairperson, will not stand for re-election at the 2022 Annual Meeting of Stockholders. Mr. Murphy, who joined Selective in 1980, served as Chairman and Chief Executive Officer from 2000 to 2020, before assuming the Executive Chairman role in February 2020. He became Non-Executive Chairperson in February 2021, and he has been a director since 1997. \n\n \n \n \n \n \n \n\n \n\"As both CEO and Board Chairperson, Greg Murphy has overseen a period of tremendous value creation for our stockholders and led Selective's growth into a premier independent agency property and casualty insurance carrier. In his 20 years as CEO, he increased our market capitalization by more than 6.5 times, tripled net premiums written, and expanded our operations into multiple new states and excess and surplus lines. He has successfully prepared Selective for the future, as demonstrated by our successful leadership transition,\" said J. Brian Thebault, Selective's Lead Independent Director. \nMr. Murphy added, \"I am extremely pleased with – and proud of – Selective's current financial and market position, as evidenced by AM Best's recent rating upgrade to 'A+' (Superior). John Marchioni and his team have demonstrated their ability to grow our operations and develop strategies that continue to drive Selective's success. After a 42-year career at Selective, I have decided the time is right to leave Selective and pursue other focused interests.\" \nIn connection with today's announcement, the Selective Board of Directors announced its intention to maintain the Lead Independent Director position and nominate John J. Marchioni, the Company's President and Chief Executive Officer and member of the Board, as Chairperson following the 2022 Annual Meeting of Stockholders. Mr. Marchioni became President and Chief Executive Officer in February 2020. He was President and Chief Operating Officer from 2013 to 2020, and elected to Selective's Board of Directors in May 2019. \nAbout Selective Insurance Group, Inc.Selective I...