- Push-out Score determined
- After around nine years in the position
- Praise for Valko
- Search for a successor
- Valko said 70 words
(exechange) — Bala Cynwyd, Pennsylvania, January 20, 2021 — This news came the day after Martin Luther King, Jr. Day. Cindy Valko, chief executive of Global Indemnity, leaves. As announced by Global Indemnity Group LLC in a news release published on Tuesday, January 19, 2021 and in a regulatory filing published on Wednesday, January 20, 2021, Cynthia Y. (Cindy) Valko has left her post as chief executive officer of the provider of specialty property and casualty insurance after around nine years in the role, effective January 15, 2021.
Global Indemnity will undertake a search for a successor.
Cindy Valko’s move forms part of a management shake-up also involving the position of president of Penn-Patriot, the Company’s principal subsidiary.
No reason given
In the announcement, Global Indemnity did not explicitly explain the reason for Cindy Valko’s move, leaving room for speculation.
Precise information regarding Cindy Valko’s future plans was not immediately available.
“Retire”
Global Indemnity said: “Cynthia Valko, chief executive officer, age 66, informed the board of directors she will retire on January 31, 2021, although she will continue to serve the company in an advisory capacity.”
Global Indemnity further said: “In connection with her retirement, Ms. Valko has resigned from her positions as chief executive officer of the Company and a member of the Board, in each case effective as of January 15, 2021, although Ms. Valko will continue to serve the Company in an advisory capacity.”
Share price decline since January 2018
The announcement follows a decline in Global Indemnity Group LLC’s share price of 30% since January 2018.
Chaired by Saul Fox
Saul Fox serves as Global Indemnity Group LLC’s Chairman.
In the position of CEO since 2011
Cindy Valko became CEO of the Company in 2011.
Cynthia Y. Valko has served as a director on the Company’s Board of Directors since September 2011.
Since September 2011, Valko has also served as the Company’s Chief Executive Officer.
From February 2010 to September 2011, Valko served as Senior Vice President – commercial lines at GMAC Insurance.
Valko served as a management consultant for Cerberus Private Equity directing turnaround/sales transactions for their GMAC Insurance Property and Casualty Business from 2007 through 2010.
From 1998 through 2006, Valko was Chief Operating Officer/Executive Vice President of New York Life International.
In this capacity, she was a member of the board of directors of New York Life International, a wholly owned subsidiary of New York Life Insurance Company.
She chaired the Mexico subsidiary board of directors of Seguros Monterrey and was a member of the board of directors of HSBC/New York Life Argentina.
Prior to joining New York Life International, Valko held numerous positions of increasing responsibility in the insurance industry beginning in 1976.
Valko received a B.S. in Mathematics from Juniata College.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Cindy Valko’s move on a scale of 0 to 10.
exechange reached out to Global Indemnity and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 4.2021 ($).