- Push-out Score determined
- Praise and thanks for Michael
- Craig Kliethermes taking over
- Michael will remain as Chairman at RLI
- Michael spoke at length and said 131 words
(exechange) — Peoria, Illinois, November 17, 2020 — Jon Michael, chief executive of RLI, leaves his post. His departure is made public at an early stage. As announced by RLI Corp. in a news release and in a regulatory filing published on Tuesday, November 17, 2020, Jonathan E. (Jon) Michael leaves his post as chief executive officer of the property and casualty insurer after 21 years in the role, effective December 31, 2021.
It is the end of an era.
Long goodbye
It is a long goodbye. The announcement of Jon Michael’s move comes up to 13 months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure particularly early may be considered a lame duck.
Jon Michael’s duties as CEO will be taken over by Craig W. Kliethermes, currently President & Chief Operating Officer of RLI Insurance Company.
“Successful culmination of our Board’s multiyear succession plan”
Jon Michael’s departure from the CEO post is explained as follows. John Baily, Lead Director of RLI’s Board of Directors, said: “This announcement is the successful culmination of our Board’s multiyear succession plan to select the best future leader for the company.”
Michael will remain as Chairman at RLI
“Michael announced that he will retire as CEO, effective December 31, 2021, a position he has held since 2001. He has served as Chairman of the Board since 2011 and will remain in that capacity after stepping down as CEO,” RLI said.
“Retire”
RLI said: “Michael announced that he will retire as CEO, effective December 31, 2021, a position he has held since 2001.”
RLI further said: “On November 11, 2020, Jonathan E. Michael, President and Chief Executive Officer, announced his resignation as President of RLI Corp. (the “Company”) effective December 31, 2020.”
Share price increase since January 2001
The announcement follows an increase in RLI Corp.’s share price of 855% since January 2001. January 2001 is the month in which Michael’s tenure as CEO began.
In the position of CEO since 2001
Jon Michael became CEO of the Company in 2001.
Michael has been Chairman of the Board since May 5, 2011 and President & CEO of the Company since January 1, 2001.
He was elected Chairman of the Board & CEO of the Company’s principal insurance subsidiaries on January 1, 2002.
Michael served as Chief Operating Officer of the Company from 1994 to 2001, and prior to that served for several years as Executive Vice President, responsible for running the Company’s insurance operations.
Michael joined the Company in 1982. Prior to 1982, Michael was associated with Coopers & Lybrand 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 RLI and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 47.2020 ($).