- Push-out Score determined
- After about six and a half years in the position
- Praise and thanks for Lucas
- Ernie Garateix taking over
- Lucas kept it short and said 59 words
(exechange) — Clearwater, Florida, November 2, 2020 — Bruce Lucas, chief executive of Heritage, leaves. As announced by Heritage Insurance Holdings Inc. in a news release and in a regulatory filing published on Monday, November 2, 2020, Bruce Lucas leaves his post as chief executive officer of the property and casualty insurance holding company after about six and a half years in the role, effective November 30, 2020.
Bruce Lucas’s duties as CEO will be taken over by Ernie Garateix, currently Chief Operating Officer of Heritage Insurance Holdings Inc.
No reason given
In the announcement, Heritage did not explicitly explain the reason for Bruce Lucas’s move, leaving room for speculation.
Precise information regarding Bruce Lucas’s future plans was not immediately available.
Heritage said: “Bruce Lucas, Heritage’s co-founder, Chairman and CEO, will retire effective November 30, 2020 and will remain with the Company as an executive consultant through 2021.”
Heritage further said: “Bruce Lucas, the Company’s co-founder, Chairman of the Board of Directors of the Company (the “Board”) and Chief Executive Officer of the Company (“CEO”), will retire effective November 30, 2020 but will remain with the Company as an executive consultant through 2021.”
Share price decline since October 2015
The announcement follows a decline in Heritage Insurance Holdings Inc.’s share price of 52% since October 2015.
In the position of CEO since 2014
Bruce Lucas became CEO of the Company in 2014.
Lucas has served on the Company’s Board since the Company began operations in August 2012.
Lucas has served as the Company’s Chairman and CEO since May 2014 and served as the Company’s Chairman and Chief Investment Officer from August 2012 to May 2014.
Prior to joining the Company, from January 2012 to August 2012, Lucas served as the Managing Member of IIM Holdings, II, LLC, an investment company.
Prior to that, Lucas served as Chief Executive Officer of Infinity Investment Funds, a hedge fund, from April 2009 to December 2011.
Prior to joining Infinity, Lucas was a restructuring attorney at Weil, Gotshal & Manges LLP.
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 Heritage and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2020 ($).