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Shyam Gidumal to Join RenaissanceRe Holdings Ltd. Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
The Board of Directors of RenaissanceRe Holdings Ltd. (NYSE: RNR) has nominated Shyam Gidumal for election as an independent director at the Annual General Meeting in May 2022. Gidumal, who has over 35 years of operational and advisory experience, previously served as Chief Operating Officer at WeWork. He succeeds Jean Hamilton, who will retire after 17 years on the Board. Both the CEO and the non-Executive Chair expressed confidence that Gidumal's leadership will enhance the company's global operations and governance, while thanking Hamilton for her significant contributions.
Positive
Shyam Gidumal brings extensive operational and advisory experience to the Board.
Leadership change is expected to strengthen the governance of RenaissanceRe.
Gidumal's innovative approach will support the company's expanded global footprint.
Negative
Jean Hamilton's retirement may raise concerns about continuity in leadership.
PEMBROKE, Bermuda--(BUSINESS WIRE)--
The Board of Directors of RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) announced today that Shyam Gidumal has been nominated to stand for election as an independent director of the Company at its Annual General Meeting of Shareholders in May 2022 and that, at such time, Jean Hamilton will retire from the Board.
Shyam Gidumal (Photo: Business Wire)
Kevin J. O’Donnell, President and Chief Executive Officer of RenaissanceRe, said, “On behalf of the RenaissanceRe executive team and my fellow directors, we are delighted to announce Shyam’s nomination to our Board. Shyam brings a wealth of operational and advisory experience, and we look forward to his guidance and oversight as we continue to optimize our expanded platform. I would also like to thank Jean and recognize her distinguished service on our Board during her 17-year tenure. The executive team and I have benefited greatly from her wise counsel, strategic thinking and diversity of viewpoint. We wish her all of the best in her retirement.”
James L. Gibbons, non-Executive Chair of RenaissanceRe, added, “The RenaissanceRe Board is pleased to nominate Shyam for election by our shareholders. Shyam’s proven leadership across varied industries and innovative approach to operational change will support the Board in overseeing RenaissanceRe’s expanded global footprint on behalf of our shareholders. The Board also thanks Jean for her outstanding leadership over her tenure as director. We are grateful for the significant contributions she has made to the success of RenaissanceRe, in particular in her capacity as former Chair of the Compensation and Corporate Governance Committee, active involvement across many of our committees, and most recently in her proactive role in advancing our Environmental, Social & Governance (ESG) strategy.”
Mr. Gidumal has over 35 years of experience in operational leadership, digital transformation, and strategy development as a senior executive, board member, private equity investor and advisor. He was most recently the Chief Operating Officer and President of WeWork from 2020 to 2021, and previously a Principal at EY, leading the Consumer Products and Retail segment. Over his career he has held several executive roles, including at Worldcom (Asia), Acterna, Armstrong Furniture, and The Boston Consulting Group. He has also been a Member of the Board of Directors of the National Multiple Sclerosis Society since 2014.
About RenaissanceRe
RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
Any forward-looking statements made in this Press Release, including any statements regarding any future results of operations and financial positions, business strategy, plan and any objectives for future operations, reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements, including the factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
Important Additional Information
RenaissanceRe plans to file with the SEC and make available to its shareholders a Proxy Statement relating to its 2022 Annual General Meeting. SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The Proxy Statement and other documents relating to the 2022 Annual General Meeting (when they are available) can be obtained free of charge from the SEC's website at http://www.sec.gov, from RenaissanceRe at the company’s website at www.renre.com, or upon written request to RenaissanceRe Holdings Ltd., P.O. Box HM 2527, Hamilton HM GX, Bermuda, Attn: Secretary.
RenaissanceRe and its directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the 2022 Annual General Meeting. Information regarding the interests of the directors and executive officers of RenaissanceRe in the solicitation will be more specifically set forth in the Proxy Statement that will be filed by RenaissanceRe with the SEC and which will be available free of charge from the SEC and RenaissanceRe, as indicated above. Information about the directors and executive officers of the Company may be found in its Proxy Statement relating to its 2021 Annual General Meeting, filed with the SEC on March 23, 2022.
