- Push-out Score determined
- After almost 21 years in the position
- Accolades, praise and thanks for Murphy
- John Marchioni taking over
- Murphy will remain as Executive Chairman at Selective Insurance
- Murphy made a lengthy statement and said 227 words
(exechange) — Branchville, New Jersey, November 1, 2019 — Greg Murphy, chief executive of Selective Insurance, leaves his position. As announced by Selective Insurance Group Inc. in a news release published on Wednesday, October 30, 2019 and in a regulatory filing published on Friday, November 1, 2019, Gregory E. (Greg) Murphy leaves his post as Chief Executive Officer at the property insurance company after almost 21 years in the role, effective February 1, 2020.
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 announced their departure over the past 12 months was 7.4 years, according to data compiled by exechange. On an accumulated basis, around 4% of the CEOs who announced their departure over the past 12 months left their posts after more than 20 years.
Greg Murphy’s duties as CEO will be taken over by John J. Marchioni, currently Chief Operating Officer of Selective Insurance Group, Inc.
“Thoughtful succession process”
Greg Murphy’s departure from the CEO post is explained as follows. Murphy said: “The Board has spent considerable time over the past several years preparing for a thoughtful succession process, and I firmly believe that now is the right time to initiate this leadership transition.”
Murphy will remain as Executive Chairman at Selective Insurance
“Mr. Murphy, Chairman of the Selective Board since 2000, will assume the newly created role of Executive Chairman of the Selective Board upon his retirement,” Selective Insurance said.
Selective Insurance said: “Mr. Marchioni will succeed Gregory E. Murphy, who will retire as CEO after serving in the position since 1999.”
Share price increase since November 2014
The announcement follows an increase in Selective Insurance Group, Inc.’s share price of 170% since November 2014.
In the position of CEO since 1999
Greg Murphy became CEO of the Company in May 1999.
His bio reads as follows:
- Chairman and Chief Executive Officer, Selective, since 2013.
- Chairman, President and Chief Executive Officer, Selective, 2000 to 2013.
- President and Chief Executive Officer, Selective, 1999 to 2000.
- President and Chief Operating Officer, Selective, 1997 to 1999.
- Other senior executive, management, and operational positions, Selective, 1980 to 1997.
- Certified Public Accountant (New Jersey) (Inactive).
- Director, The American Property Casualty Insurance Association, since January 2019.
- Director, American Insurance Association, 2014 to January 2019.
- Director, Property and Casualty Insurers Association of America, 2008 to 2014.
- Member, Board of Overseers, St. John’s University School of Risk Management, Insurance and Actuarial Science, since 2015.
- Boston College (B.S.).
- Harvard University (Advanced Management Program).
- I.T. Sloan School of Management.
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 44.2019 ($).