Goosehead Insurance, Inc. Enlarges Board and Announces the Appointment of Waded Cruzado and Thomas McConnon as Directors

Rhea-AI Summary

Goosehead Insurance (NASDAQ: GSHD) has expanded its Board of Directors, appointing Waded Cruzado and Thomas McConnon as new Directors. Cruzado, President of Montana State University, brings a strong educational leadership background, while McConnon serves as Managing Director and Chief Economist at Wildcat Capital Management, with extensive experience in private equity. James Reid joins the Compensation Committee, and Mark Jones steps down. The board aims to leverage these new perspectives to enhance consumer education and strengthen the company’s market position.

Positive

• Waded Cruzado and Thomas McConnon bring extensive expertise and fresh perspectives to Goosehead's Board of Directors.
• The Board expansion is expected to enhance consumer education and company strategy in a competitive insurance market.

Negative

• Mark Jones stepping down from the Compensation Committee may raise concerns about continuity in leadership.

WESTLAKE, Texas, Feb. 02, 2022 (GLOBE NEWSWIRE) -- Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced it has enlarged its Board of Directors and appointed Waded Cruzado and Thomas McConnon as Directors. Mr. McConnon was also appointed to the Audit Committee of the Board. In addition, James Reid, a current member of the Board, was appointed to the Compensation Committee, and Mark Jones, the Company’s Chairman and Chief Executive Officer, will step down from the Compensation Committee of the Board.

“Waded and Tom have achieved tremendous success in their respective fields and will impart valuable perspectives to Goosehead, as they join the Board of Directors," stated Mark E. Jones, Chairman and CEO. "As the insurance industry continues to evolve and Goosehead advocates for greater consumer education in the space, the board and management team look forward to channeling their extensive, diversified experiences and trusted counsel."

Ms. Cruzado has served as President of Montana State University since 2010. Montana State University has set new student enrollment records, becoming the fastest growing and the largest university in the state. President Cruzado was honored as the 2011 Michael P. Malone Educator of the Year from the Montana Ambassadors for demonstrating outstanding accomplishment, excellence, and leadership in the field of education. In 2012, President Barack Obama appointed President Cruzado to the Board for International Food and Agricultural Development. She was reappointed in 2017 and served on the board until 2020. In 2013, President Cruzado began serving on Montana’s Gov. Steve Bullock’s Equal Pay for Equal Work Task Force. Ms. Cruzado currently serves on several educational boards and was a former member of the Board of Directors of PayneWest Insurance before it was acquired by Marsh & McLennan Agency in April 2021. Ms. Cruzado holds a bachelor’s degree from the University of Puerto Rico and masters and doctoral degrees from the University of Texas at Arlington.

Mr. McConnon is Managing Director – Head of Public Equities and Chief Economist at Wildcat Capital Management, LLC (“Wildcat”).  At Wildcat, which he joined in October 2018, Mr. McConnon leads the public equities investment team.  Before Wildcat, Mr. McConnon was a founding Investment Partner at Indaba Capital Management, from 2010 to 2018.  Prior to Indaba, Mr. McConnon was a Principal at TPG Capital from 2004 to 2010, where he focused on large-scale private equity investing and sat on the boards of Sabre Holdings, Creative Artists Agency (CAA) and Mammoth Mountain Ski Area. Before that, Mr. McConnon worked at Bain Capital and The Boston Consulting Group (BCG).  Mr. McConnon holds an AB magna cum laude from Harvard University and an MBA from Stanford University where he was an Arjay Miller Scholar.

About Goosehead

Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services throughout the United States.  Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience.  Goosehead represents over 140 insurance companies that underwrite personal lines and small commercial lines risks, and its operations include a network of 15 corporate sales offices and over 2,151 operating and contracted franchise locations. For more information, please visit gooseheadinsurance.com.

Forward-Looking Statements

This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.

Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the economic effects of the COVID-19 pandemic, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2020 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

Contacts
Investor Contact:
Dan Farrell
Goosehead Insurance - VP Capital Markets
Phone: (214) 838-5290
Email: dan.farrell@goosehead.com;   IR@goosehead.com;

PR Contact:
Mission North for Goosehead Insurance
Email: goosehead@missionnorth.com; PR@goosehead.com         

 

FAQ

What changes were made to Goosehead Insurance's Board of Directors on February 2, 2022?

Goosehead Insurance appointed Waded Cruzado and Thomas McConnon as new Directors, with McConnon joining the Audit Committee and James Reid taking a role on the Compensation Committee.

What is Waded Cruzado's background relevant to Goosehead Insurance?

Waded Cruzado has served as President of Montana State University since 2010 and brings a strong background in education and leadership.

What experience does Thomas McConnon have that benefits Goosehead Insurance?

Thomas McConnon is Managing Director and Chief Economist at Wildcat Capital Management with previous leadership roles in private equity.

How might the new board members impact Goosehead Insurance?

The new board members are expected to provide valuable insights that could enhance Goosehead's strategic direction and consumer education efforts.

Why is Mark Jones stepping down from the Compensation Committee?

Mark Jones is stepping down to allow for new leadership dynamics as part of the Board expansion, although specific reasons for the change were not detailed.