White Mountains CFO David Foy leaves at short notice

  • Signs for push-out forces
  • After about 14 years on the job
  • Laud, praise and thanks for Foy
  • Reid Campbell taking over
  • Foy said 50 words

(exechange) — Hamilton, Bermuda, May 02, 2017 — David Foy, finance chief of White Mountains, leaves. It is a change at short notice. As announced by White Mountains Insurance Group, Ltd. in a news release and in a regulatory filing published on Tuesday, May 02, 2017, David Thomas Foy leaves the post as Chief Financial Officer at the Bermuda-domiciled financial services holding company in a surprising move after about 14 years on the job, effective May 17, 2017.

It is the end of an era.

Foy’s move comes two months after G. Manning Rountree took over as CEO of White Mountains Insurance Group, Ltd.

Foy’s duties are taken over by Reid Campbell, currently President at White Mountains Advisors LLC.

No reason given

In the announcement, White Mountains did not explicitly explain the reason for Foy’s imminent move, leaving room for speculation.

Precise information about the future plans of Foy was not immediately available.

White Mountains said: “David Foy, the current Executive Vice President and Chief Financial Officer of the Company, will continue in those roles until May 17, 2017, at which time he will become an advisor to senior management until the end of the year.”

Share price rise since March 2009

The change follows a rise in the share price of White Mountains Insurance Group, Ltd. since March 2009.

CEO: G. Manning Rountree

G.Manning Rountree serves as CEO of White Mountains Insurance Group, Ltd. On March 1, 2017, Manning Rountree was appointed Chief Executive Officer of the Company and a member of the Board.

On the job as CFO since 2003

Foy was appointed Executive Vice President and Chief Financial Officer of the Company in April 2003.

Prior to joining White Mountains in 2003, Foy served as Senior Vice President and Chief Financial Officer of Hartford Life Inc. and joined that company in 1993.

Prior to joining Hartford Life, Foy was with Milliman and Robertson, an actuarial consulting firm.

Foy also serves as a director of OneBeacon Ltd.

Signs for push-out forces

It is not completely certain what forces eventually triggered David Foy’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 19.2017 ($).