The Hanover Insurance Group, Inc. Elects Cynthia L. Egan to Chair its Board of Directors
The Hanover Insurance Group (NYSE: THG) has accelerated its leadership transition by electing Cynthia L. Egan as chair of the board, effective December 1, 2020. Egan, previously vice chair, will take over duties from P. Kevin Condron, who will remain on the board until his retirement next year. This change aims to ensure a smooth transition and support as the company prepares for 2021. CEO John C. Roche praised Condron's leadership and expressed confidence in Egan's ability to lead with her extensive experience in public companies.
- Cynthia L. Egan's appointment as chair is expected to bring fresh perspectives and leadership.
- Egan's extensive experience in public companies may strengthen the board's effectiveness during the transition.
- Concerns may arise regarding continuity and potential experience gaps as leadership changes occur.
WORCESTER, Mass., Nov. 18, 2020 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) today announced the company's board of directors has accelerated its previously disclosed leadership transition plan by electing current board vice chair Cynthia L. Egan as chair, effective December 1. Egan was elected vice chair in February, with the expectation she would become chair in May 2021, following the mandatory retirement of current chair P. Kevin Condron, in accordance with board policy due to age. The transition plan was adopted and announced by the board in February of this year under Condron's leadership, and its acceleration will allow for overlap and transition support prior to his expected retirement in 2021.
The Hanover President and CEO John C. Roche thanked Condron, who will remain on the board until his retirement next year, for his guidance, leadership and board service over the past 13 years. "For more than a decade, Kevin has brought tremendous leadership and counsel, unparalleled wisdom and keen business judgment to The Hanover board, as well as to the business community as a whole," said Roche. "We look forward to his continued board involvement and perspective as past chair as we advance our mission and deliver on our promises to our shareholders and other stakeholders." Roche also noted "As we approach year end and the company begins to implement its plans for 2021 and beyond, we have every confidence that Cynthia will bring the same energy and leadership, as well as her broad public company experience, to the role of chair as she demonstrated as vice chair."
Egan was president of retirement plan services for T. Rowe Price Group, a global investment management organization, from 2007 until her retirement in 2012. Before joining T. Rowe Price, she held senior positions with Fidelity Investments, a multinational financial services corporation, from 1989 to 2007, including executive vice president, head of Fidelity's Institutional Services Company, president of the Fidelity Charitable Gift Fund, and executive vice president of Fidelity Management Research Co. Egan is a director of UNUM Corporation, Huntsman Corporation, and the BlackRock Fixed Income Funds Complex, as well as chair of the board of visitors of the University of Maryland School of Medicine.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agent partners, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com
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SOURCE The Hanover Insurance Group, Inc.
FAQ
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