Investing.com -- Progressive Corporation (NYSE:PGR) detailed a comprehensive executive transition plan on Thursday afternoon after CEO Glenn Renwick announced he will retire from the position, effective on July 1.
Renwick, 60, will step down from his current role after 15 years in the position and nearly 30 years with the Ohio-based insurance giant. Upon Renwick's retirement, he will be succeeded by Tricia Griffith, current Personal Lines Chief Operating Officer at Progressive. Renwick will still remain as Executive Chairman of Progressive's Board of Directors.
"Under Glenn's leadership, Progressive has become one of the most successful, innovative and respected insurance companies. Since he became CEO in 2000, the Company's market capitalization has increased by approximately 155% to more than $19 billion and written premiums have more than tripled. Glenn has also overseen game-changing innovations such as Snapshot online price comparisons, concierge claim service, and Name Your Price, along with the development of the Progressive brand and the direct-to-consumer marketing approach," said Stephen Hardis, Lead Independent Director of Progressive's Board of Directors.
"Glenn's vision and unwavering commitment to Progressive's values have created significant value for all of the Company's stakeholders, including policyholders, agents, employees, shareholders and the communities in which we operate," Hardis added.
Renwick became Progressive's CEO in March 2000, after spending more than two years as the company's Chief Information Officer and the CEO of the Insurance Operations and Business Technology division of the company. He originally joined the company in 1986, as the company's auto product manager for its Florida region. He has also served as an independent director at UnitedHealth Group Incorporated (NYSE:UNH) since 2008 and as a member of the advisory board of PreEmptive Solutions.
"It has been a privilege to lead this extraordinary organization - surrounded by the smartest, most entrepreneurial, and innovative people in the insurance industry," Renwick said. "Tricia has an outstanding track record in key leadership positions at Progressive over the last 28 years, and I am confident the Company will continue to thrive under her leadership. I look forward to continuing to serve the Company in my role as Chairman."
Shares in Progressive were inactive in after-hours trading. In the regular session, Progressive closed at 33.56, up 0.41 or 1.24%.