- After almost six years on the job
- Laud, praise and thanks for Porrino
(management-change.com) — Hamilton, Bermuda, February 22, 2017 — Pete Porrino, finance chief of XL Group, hands over the reins. As announced by XL Group Ltd in a news release and in a regulatory filing published on Wednesday, February 22, 2017, Peter R. (Pete) Porrino leaves the post as Chief Financial Officer at the insurance and reinsurance company after almost six years on the job, effective May 01, 2017.
Porrino’s duties are taken over by Steve Robb, currently Group Controller at XL Group Ltd.
No reason given
In the announcement, XL Group did not explicitly explain the reason for Porrino’s move.
XL Group said: “Peter R. Porrino, age 60, Executive Vice President and Chief Financial Officer of the Company, notified the Company on February 21, 2017 that, following a transition period, he intends to retire from the positions of Executive Vice President and Chief Financial Officer effective May 1, 2017.”
Precise information about the future plans of Porrino was not immediately available.
Share price rise since February 2009
The change follows a rise in the share price of XL Group Ltd since February 2009.
Chaired by Eugene McQuade
XL Group Ltd is chaired by Eugene M. McQuade.
CEO: Mike McGavick
Mike McGavick serves as CEO of XL Group Ltd. Mike McGavick has been chief executive officer of XL Group Ltd since 2008.
On the job as CFO since 2011
Porrino has been the Chief Financial Officer and Executive Vice President of XL Group Ltd since August 2011.
Porrino joined XL Group in 2011.
His more than 30 years working in and advising the insurance industry include experience with accounting, finance, capital management, mergers and acquisitions, business operations and risk management.
Porrino joined Ernst & Young as a CPA in 1978.
He served in EY’s New York and National insurance practices for 15 years before leaving to take on senior management roles with several insurance companies, including Zurich Financial Services, where he served as CFO of Zurich Reinsurance Centre, Inc.
He rejoined Ernst & Young in 1999 as Global Insurance Industry Leader and was responsible for overseeing worldwide insurance industry delivery of client services, thought leadership and strategic planning.
Porrino has been an active contributor to insurance industry associations addressing critical issues.
He has served on the AICPA Insurance Companies Committee, the AICPA Task Force on depositing accounting for reinsurance contracts and the G30 Task Force on systemic risk in the reinsurance industry.
He holds an MBA from New York University and a Bachelor of Business Administration degree in accounting from Pace University.
Porrino will continue with the Company on a part-time basis, working as an advisor to Chief Executive Officer Mike McGavick.
Read the full story in the management-change.com report 09.2017 ($).