- Push-out Score suggests push-out forces
- After less than a year and a half on the job
- Praise and good wishes for Zubretsky
- Jack Roche taking over
- Zubretsky spoke at length and said 70 words
(exechange) — Worcester, Massachusetts, October 11, 2017 — This news came the day after Columbus Day. Joe Zubretsky, chief executive of The Hanover, leaves. It is a change at short notice. As announced by The Hanover Insurance Group, Inc. in a news release published on Tuesday, October 10, 2017 and in a regulatory filing published on Wednesday, October 11, 2017, Joseph M. (Joe) Zubretsky leaves the post as chief executive officer at the insurance company after less than a year and a half on the job, effective November 03, 2017.
No company wants a CEO to flame out in the first years.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 12 percent of the CEOs who departed over the past twelve months left within two years, and 22 percent left within three years. Overall, the average tenure of those who left was 9 years, according to data compiled by exechange.
Zubretsky’s duties are taken over by Jack Roche, currently president of Hanover Agency Markets at The Hanover Insurance Group, Inc.
The imminent management change is explained as follows. The Hanover said: Joseph M. Zubretsky “has accepted a career opportunity outside of the property and casualty industry”.
Zubretsky will be CEO at Molina
Molina Healthcare, Inc. announced that its Board of Directors has named Joseph M. Zubretsky as the company’s new President and Chief Executive Officer, effective November 6, 2017.
Molina Healthcare, Inc. announced the move on Tuesday, October 10, 2017.
Molina is a managed care company.
The Hanover said: “Mr. Roche will succeed Joseph M. Zubretsky, the Company’s current President, Chief Executive Officer and a member of its Board of Directors. Mr. Zubretsky, who has accepted a career opportunity outside of the property and casualty industry, has submitted his resignation in such capacities effective at the end of the day November 3, 2017.”
Share price rise since October 2012
The change follows a rise in the share price of The Hanover Insurance Group, Inc. since October 2012.
Chaired by P.Kevin Condron
The Hanover Insurance Group, Inc. is chaired by P.Kevin Condron.
On the job as CEO since 2016
Joseph M. Zubretsky has been the Chief Executive Officer and President of The Hanover Insurance Group, Inc. since June 20, 2016.
Zubretsky joined The Hanover as president and chief executive officer in June 2016.
Since then, the company has affirmed its core business strategy, building on its unique competitive position, reinforcing its commitment to its partners and outlining plans to achieve industry-leading, profitable growth and to deliver superior returns to its shareholders…
Zubretsky joined the Company after almost nine years at Aetna, Inc., one of the nation’s largest healthcare benefits and insurance providers, where he most recently served as Chief Executive Officer of Healthagen Holdings, a group of healthcare services and information technology companies.
Prior to that, from 2013 to 2014, he served as Senior Executive Vice President leading Aetna’s National Businesses, and from 2007 to 2013 served as Aetna’s Chief Financial Officer.
Prior to joining Aetna in 2007, Zubretsky served in a variety of senior management roles in the healthcare and financial services sector.
Zubretsky began his career as an accountant, rising to partnership in the national insurance industry group at the accounting firm then known as Coopers & Lybrand.
Zubretsky will remain with the company through November 3, 2017.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Joe Zubretsky’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 42.2017 ($).