- Push-out Score determined
- After almost 16 years in the position
- Praise and thanks for Ramlo
- Search for a successor
- Ramlo kept it short and said 54 words
(exechange) — Cedar Rapids, Iowa, February 22, 2022 — This news came shortly after Presidents’ Day. Randy Ramlo, chief executive of United Fire, leaves his position. As announced by United Fire Group Inc. in a news release and in a regulatory filing published on Tuesday, February 22, 2022, Randy A. Ramlo, chief executive officer, leaves the insurance company, after almost 16 years in the role, effective in 2022.
It is the end of an era.
United Fire stated: “Mr. Ramlo’s anticipated retirement date from UFG is October 31, 2022, pending the successful completion of an executive search process for his successor.”
United Fire will undertake a search for a successor.
Long goodbye
It is a long goodbye. The announcement of Randy Ramlo’s move comes up to eight 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.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
“The time is right”
Randy Ramlo’s departure from the CEO post is explained as follows. Ramlo said: “After 15 years as CEO, the time is right to retire.”
Precise information regarding Randy Ramlo’s future plans was not immediately available.
“Retire”
United Fire said: “Today, United Fire Group, Inc. (Nasdaq: UFCS) (“UFG”) President and Chief Executive Officer Randy Ramlo announced he will retire from the company in 2022.”
United Fire further said: “On February 22, 2022, Randy Ramlo notified United Fire Group, Inc. (the “Company” or “UFG”) of his decision to retire as President, Chief Executive Officer, effective October 31, 2022.”
Share price decline since February 2019
The announcement follows a decline in United Fire Group Inc.’s share price of 44% since February 2019.
In the position of CEO since 2007
Randy Ramlo became CEO of the Company in 2007.
Ramlo has served as the Company’s President and Chief Executive Officer since May 2007.
He previously served as Chief Operating Officer (2006-2007), as Executive Vice President (2004-2007), and as Vice President, Fidelity and Surety (2001-2004). Ramlo has been with the Company since 1984 and has a very strong knowledge of the Company’s business and the insurance industry.
He holds numerous professional insurance designations, including Chartered Property and Casualty Underwriter, Associate in Fidelity and Surety Bonding, Associate in Management and Associate in Risk Management.
Ramlo is a long-time community leader and supporter, with service to many diverse organizations.
He serves as a director of Cedar Rapids Metro Economic Alliance, an economic development organization, a member of the board of trustees of the Cedar Rapids Public Library, a member of the University of Northern Iowa School of Business Executive Advisory Board, a trustee on the Iowa College Foundation Board and a trustee of the Eastern Iowa Branch of the Juvenile Diabetes Research Foundation International.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Randy Ramlo’s move on a scale of 0 to 10.
exechange reached out to United Fire and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 9.2022 ($).