- Push-out Score determined
- After about a year in the position
- Praise, thanks and good wishes for Sankaran
- Dan Malloy taking over temporarily
- Search for a successor
- Sankaran kept it short and said 23 words
(exechange) — Hamilton, Bermuda, May 17, 2022 — Sid Sankaran, chief executive of SiriusPoint, leaves. As announced by SiriusPoint Ltd. in a news release and in a regulatory filing published on Tuesday, May 17, 2022, Siddhartha (Sid) Sankaran has left his post as chief executive officer at the specialty insurer and reinsurer, after about a year in the role, effective May 16, 2022.
SiriusPoint will undertake a search for a successor.
Sid Sankaran’s duties as CEO will be taken over temporarily by Daniel V. (Dan) Malloy, a former Chief Executive Officer at Third Point Re, as Interim Chief Executive Officer.
The fact that Sid Sankaran’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“To pursue other opportunities”
Sid Sankaran’s departure from the CEO post is explained as follows. SiriusPoint said: “Siddhartha (Sid) Sankaran, Chairman and CEO, has resigned from the Company to pursue other opportunities.”
Precise information regarding Sid Sankaran’s future plans was not immediately available.
SiriusPoint said: “Siddhartha Sankaran, Chief Executive Officer of the Company, resigned from the Company effective as of the close of business on May 16, 2022 to pursue other opportunities. In addition, Mr. Sankaran resigned as Chairman of the Board of Directors of the Company (the “Board”).”
Share price decline since May 2021
The announcement follows a decline in SiriusPoint Ltd.’s share price of 44% since May 2021.
In the position of CEO since 2021
Sid Sankaran became CEO of the Company in 2021.
Sankaran will be available as an advisor to the Company after his departure to ensure a smooth transition.
Sankaran’s bio reads as follows:
- SiriusPoint Ltd.
◦Chief Executive Officer (February 26, 2021 to present)
- Oscar Health, Inc., a technology-driven health care company
◦Chief Financial Officer (March 2019 to March 2021)
- American International Group, Inc., (“AIG”), an insurance company
◦Chief Financial Officer (January 2016 to December 2018)
◦Chief Risk Officer (November 2010 to December 2015)
- Oliver Wyman Financial Services
◦Partner in the Finance and Risk Practice (1999 to 2010)
OTHER CURRENT PUBLIC COMPANY BOARDS
- Oscar Health, Inc., Chair of the Finance, Risk and Investment Committee
- Bachelor of Mathematics degree, with a major in Actuarial Science, graduated with distinction, University of Waterloo.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Sid Sankaran’s move on a scale of 0 to 10.
exechange reached out to SiriusPoint and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 21.2022 ($).