Global Indemnity Group, Inc. (NYSE:GBLI) announced today that its Chief Financial Officer, Thomas M. McGeehan, is set to retire at the end of March. Brian Riley, currently the Senior Vice President of Finance, will step into the CFO role starting April 1, 2024.
Mr. McGeehan, who joined GBLI in 2001 and has served as CFO since 2008, will not be stepping away from the company entirely. Upon retirement, he will transition to a role on the Board of Directors, as per the rights granted under the company's governance agreement.
His extensive experience includes previous positions at Colonial Penn Insurance Company, part of General Electric (NYSE:GE) Financial Assurance. McGeehan's academic credentials include a bachelor's degree from Temple University, an MBA from La Salle University, and a Master of Taxation from Villanova University.
His successor, Brian Riley, brings a wealth of experience within the company, having served in various finance roles since 1995, including controller, treasurer, and CFO of Penn-America Group, a part of GBLI. Before joining the company, Riley was a senior accountant with KPMG International Limited. He holds a Bachelor of Science in Accounting from Pennsylvania State University.
The transition is structured with an agreement between Mr. McGeehan and the Class B Majority Shareholder which outlines his directorship terms. This agreement allows for his removal by the shareholder and mandates his resignation upon request. Additionally, McGeehan commits to adhering to the company's insider trading policy and maintaining confidentiality obligations.
It is noted that Mr. McGeehan is not involved in any transaction with GBLI that would necessitate disclosure under SEC regulation. His compensation as a non-executive director will align with the plan detailed in GBLI's proxy statement filed on April 28, 2023, and he will not be part of any other material plan or arrangement in relation to his new position as a director.
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