- Push-out Score determined
- After eight years in the position
- Praise and good wishes for Forney
- Dan Peed taking over
(exechange) — St. Petersburg, Florida, June 18, 2020 — John Forney, chief executive of United Insurance, leaves. As announced by United Insurance Holdings Corp. in a news release on Thursday, June 18, 2020, John L. Forney leaves his post as chief executive officer at the catastrophe and wind-exposed property insurance group after eight years in the role, effective June 30, 2020.
John Forney’s duties as CEO will be taken over by R.Daniel (Dan) Peed, a former President and Chief Executive Officer of AmRisc, LLC.
Most recently Peed was Vice Chairman of the Company’s Board of Directors.
“To pursue other opportunities”
John Forney’s departure from the CEO post is explained as follows. United Insurance said: “Mr. Peed will succeed John L. Forney, who will be stepping down as President and Chief Executive Officer, effective June 30, 2020, to pursue other opportunities.”
Precise information regarding John Forney’s future plans was not immediately available.
Share price decline
The announcement follows a decline in United Insurance Holdings Corp.’s share price of 64% since September 2018.
In the position of CEO since 2012
John Forney became CEO of the Company in 2012.
John L. Forney has served as the Company’s CEO and a member of the Company’s Board since June 2012.
He assumed the additional role of President in July 2013.
From 2002 until he joined the Company, Forney served in a number of different capacities at Raymond James, a financial services holding company based in St. Petersburg, Florida.
He last served as managing director in Raymond James’ public finance department, where he managed the department and led the firm’s investment banking efforts in catastrophe insurance financing.
Forney received a B.A. in Economics from Princeton University and an M.B.A. in Finance from the Wharton School at the University of Pennsylvania.
He also holds the Chartered Financial Analyst designation.
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 United Insurance and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 25.2020 ($).