- Push-out Score suggests push-out forces
- After almost ten years on the job
- Accolades, praise and thanks for Brown
- Bill Fallon taking over
- Brown made a lengthy statement and said 74 words
(exechange) — Purchase, New York, August 10, 2017 — Jay Brown, chief executive of MBIA, leaves. It is a change at short notice. As announced by MBIA Inc. in a news release and in a regulatory filing published on Thursday, August 10, 2017, Joseph W. (Jay) Brown leaves the post as Chief Executive Officer at the insurance company after almost ten years on the job, effective September 15, 2017.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 8.8 years, according to data compiled by exechange.
Brown’s duties are taken over by Bill Fallon, currently Chief Operating Officer at MBIA Inc.
“Long term succession plan”
The imminent management change is explained as follows. MBIA said “that its Board of Directors has elected William C. Fallon to the position of Chief Executive Officer of MBIA Inc., effective September 15, 2017, bringing to conclusion MBIA Inc.’s long term succession plan, which has been implemented over the past two years.”
Precise information about the future plans of Brown was not immediately available.
MBIA said: “On August 9, 2017, consistent with the Company’s long-term succession plans, Joseph W. Brown informed the Board of Directors … of MBIA Inc. … of his determination to resign as Chief Executive Officer, effective as of September 15, 2017.”
Chaired by Charles R. Rinehart
MBIA Inc. is chaired by Charles R. Rinehart.
Charles R. Rinehart was named Chairman in May 2015 and has served as a Director of the Company since December 2008.
On the job as CEO since 2008
Joseph W. Brown, Jr. has been the Chief Executive Officer of MBIA Inc. since February 16, 2008.
He rejoined the Company in February 2008 as Chairman and Chief Executive Officer and served as Chairman until May 7, 2009.
He became Executive Chairman on May 6, 2004 and retired from that position on May 3, 2007.
Until May 2004, he had served as Chairman and Chief Executive Officer.
He originally joined the Company as Chief Executive Officer in January 1999, having been a Director since 1986 and became Chairman in May 1999.
Prior to joining the Company, Brown was Chairman of the Board of Talegen Holdings, Inc. from 1992 through 1998.
Prior to joining Talegen, Brown had been with Fireman’s Fund Insurance Company as President and Chief Executive Officer.
Jay Brown has stepped down as CEO effective September 15, 2017.
He plans to conclude his service on the MBIA Inc. Board of Directors as of the 2018 Annual Shareholder meeting in May of 2018.
Brown also informed the Board that he intends to remain a member of the Board until the expiration of his term in May 2018, but does not intend to stand for re-election at the annual shareholder meeting in May of 2018.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Jay Brown’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 33.2017 ($).