- Push-out Score determined
- After almost 20 years in the position
- Praise, thanks and good wishes for Watson
- Kevin Rehnberg taking over in the interim
- Watson kept it short and said 25 words
(exechange) — Hamilton, Bermuda, November 5, 2019 — Mark Watson, chief executive of Argo, leaves. As announced by Argo Group International Holdings Ltd. in a news release and in a regulatory filing published on Tuesday, November 5, 2019, Mark E. Watson leaves his post as Chief Executive Officer at the insurance company after almost 20 years in the role, effective immediately.
It is the end of an era.
Mark Watson’s duties as CEO will be taken over in the interim by Kevin J. Rehnberg, most recently President, Argo Group U.S., Inc., head of the Americas and Chief Administrative Officer of Argo Group International Holdings, Ltd., as Interim Chief Executive Officer.
No reason given
In the announcement, Argo did not explicitly explain the reason for Mark Watson’s move.
Precise information regarding Mark Watson’s future plans was not immediately available.
“Retirement”
Argo said: “Argo Group International Holdings, Ltd. (NYSE: ARGO) (“Argo” or the “Company”) today announced the retirement of Mark E. Watson III as Chief Executive Officer, effective immediately.”
Argo further said: “On November 5, 2019, Mark E. Watson III retired from his position as President and Chief Executive Officer of Argo Group International Holdings, Ltd. (the “Company”), effective immediately. Mr. Watson will resign from the Board of Directors, effective December 30, 2019.”
Share price decline
The announcement follows a decline in Argo Group International Holdings, Ltd.’s share price of 21% since May 2019.
Chaired by Gary V. Woods
Argo Group International Holdings, Ltd. is chaired by Gary V. Woods.
In the position of CEO since 2000
Mark Watson became CEO of the Company in January 2000.
Watson will continue to serve as a member of the Board and as an advisor to the Company until December 30, 2019 to ensure a smooth transition.
Mark E. Watson III has been an investor in the Company since 1998.
He became a director in 1999 and has been President and Chief Executive Officer of the Company since January 2000.
He has been a principal of Aquila Capital Partners, a San Antonio, Texas-based investment firm since 1998.
From 1992 to 1997 he served as a director and Executive Vice President, General Counsel and Secretary of Titan Holdings, Inc., a publicly traded property and casualty insurance holding company.
Prior to that, Watson was an attorney with the New York based law firm Kroll & Tract from 1989 to 1992 where he represented international insurance and reinsurance companies.
Watson is currently a member of the board of directors of the U.S. Chamber of Commerce, a member of the board of governors of the Property Casualty Insurers Association of America and a member of the board of directors of the Association of Bermuda Insurers & Reinsurers.
Watson previously served as a member of the board of directors of Houston International Insurance Group, Ltd. from December 2010 to July 2014 and as chairman of its Audit Committee from November 2011 to May 2013.
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 Argo and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2019 ($).