- Push-out Score determined
- After 26 years in the position
- Praise for Zucaro
- Craig Smiddy taking over
- Zucaro will remain as Chairman at Old Republic
(exechange) — Chicago, Illinois, May 9, 2019 — Aldo Zucaro, chief executive of Old Republic, leaves his post. As announced by Old Republic International Corp. in a news release and in a regulatory filing published on Thursday, May 9, 2019, Aldo C. Zucaro leaves his post as Chief Executive Officer at the insurance company after 26 years in the role, effective October 1, 2019.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.7 years, according to data compiled by exechange. Only 4 percent of the CEOs who departed over the past 12 months left the position after more than 20 years.
Aldo Zucaro’s duties will be taken over by Craig Smiddy, currently Chief Operating Officer of Old Republic International Corporation.
It is a generational change as well. Craig Smiddy is about 25 years younger than Aldo Zucaro.
Aldo Zucaro’s move is part of a management shake-up also involving the position of Executive Vice Chairman.
No reason given
In the announcement, Old Republic did not explicitly explain the reason for Aldo Zucaro’s move.
Zucaro will remain as Chairman at Old Republic
Aldo Zucaro “will continue as Chairman of the Board and its Executive Committee,” Old Republic said.
Old Republic said: “Aldo C. Zucaro (80) Chairman and CEO will retire as Chief Executive Officer.”
Share price increase since January 2015
The announcement follows an increase in Old Republic International Corporation’s share price of 54 percent since January 2015.
In the position of CEO since 1993
Zucaro’s CV reads as follows:
Director since 1976.
Chairman of the Board and Chief Executive Officer of the Company and various subsidiaries since 1993.
A CPA by training, he brings a significant background as a former insurance specialist partner with Coopers & Lybrand (now PricewaterhouseCoopers LLP), and long-term experience with the insurance industry in general, and the Company in particular, since 1970.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
Read the full story in the exechange report 19.2019 ($).