- Push-out Score determined
- After 12 years in the position
- Accolades and praise for Starnes
- Ned Rand taking over
- Starnes will remain as Executive Chairman at ProAssurance
- Starnes said 79 words
(exechange) — Birmingham, Alabama, May 22, 2019 — Stan Starnes, chief executive of ProAssurance, leaves the position. As announced by ProAssurance Corp. in a news release on Wednesday, May 22, 2019, W.Stancil (Stan) Starnes leaves his post as Chief Executive Officer at the insurance company after 12 years in the role, effective July 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 7.8 years, according to data compiled by exechange. Only 30 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Stan Starnes’s duties will be taken over by Edward L. (Ned) Rand, currently Chief Operating Officer of ProAssurance Corporation.
“The final step in an orderly, deliberate process”
Stan Starnes’s imminent departure from the CEO post is explained as follows. ProAssurance said: “Today’s announcement marks the final step in an orderly, deliberate process initiated by Mr. Starnes and the Board over 18 months ago and will complete the transition to the next generation of experienced, successful leaders across the organization.”
Starnes will remain as Executive Chairman at ProAssurance
“ProAssurance Corporation … announced … that the Board of Directors has elected Edward L.(Ned) Rand, Jr., the Company’s President and Chief Operating Officer, to succeed W. Stancil (Stan) Starnes as Chief Executive Officer effective July 1, 2019. On that date, Mr. Starnes will have completed his twelfth year as Chief Executive Officer and will transition solely into the role of Executive Chairman of the Board,” ProAssurance said.
Share price decline
The announcement follows a decline in ProAssurance Corporation’s share price of 37 percent since December 2017.
In the position of CEO since 2007
W.Stancil Starnes, J.D. was elected to the Board of Directors in September 2007 and serves as its Chairman.
Starnes was appointed Chief Executive Officer of ProAssurance on July 2, 2007.
Starnes served as the senior and managing partner of the law firm of Starnes & Atchison LLP in Birmingham, Alabama, where he was extensively involved with ProAssurance and its predecessors in the defense of medical liability claims for over 25 years.
He withdrew from the firm in October 2006 to serve as President, Corporate Planning and Administration of Brasfield & Gorrie, Inc., a commercial construction firm based in Birmingham, Alabama, where he served until May 2007.
Starnes served as a director of two recently-acquired public companies, National Commerce Corp. (NASDAQ: NCOM) and Infinity Property and Casualty Corporation (NASDAQ: IPCC).
At National Commerce Corporation he served as the Chairman of the both the risk committee and the nomination and corporate governance committee; and was a member of the Compensation Committee.
At Infinity Property and Casualty Corporation (NASDAQ: IPCC), he served on the audit, compensation and executive committees.
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.
exechange reached out to ProAssurance and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 21.2019 ($).