Amwest Insurance Group Inc. Announces Retirement of Two Senior Executives.CALABASAS, Calif.--(BUSINESS WIRE)--March 1, 1999--Amwest Insurance Group Inc. (Nasdaq:AMEX AMEX See: American Stock Exchange ) (PSE PSE 1. pale soft exudative pork. 2. portosystemic encephalopathy. :AMW AMW America's Most Wanted (TV show) AMW Air Mobility Wing AMW Amphibious Warfare AMW Ask Me Why (Beatles song) AMW Angewandte Medienwissenschaft (German: Applied Media Studies) ) Monday announced the retirement of two of its senior executives and the planned promotion of two other executives to fill the vacancies. After leading the company for 29 years, Richard H. Savage, chairman and co-chief executive officer, will retire from active employment effective with the Annual Meeting of stockholders on May 21. Savage, 79. founded Amwest in 1970 as a surety company and has presided over its growth into a diversified insurance carrier. Amwest wrote more than $132 million in premium during 1998 and has more than $200 million in assets. Richard's retirement from his co-CEO position does not in any way reflect an end to his commitment to the Amwest Group as he will continue to serve as chairman of the board and provide valuable counsel in the future. John E. Savage, 46, president and co-CEO of Amwest, and Richard's son, will now assume the position of president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . John Savage John Savage may refer to:
Guy A. Main, executive vice president and president of Amwest's subsidiary, Condor Insurance Co., will retire effective with the Annual Meeting of stockholders on May 21. Main, 62, founded Condor in 1989 and developed it into a strong specialty insurance carrier before merging with Amwest in 1996. Main is following his plan to retire to have the free time to enjoy life and travel. He will remain an active member of the Amwest board. Jeffrey A. Shonka, senior vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Amwest's Property & Casualty Division, will succeed Main as executive vice president of the Division. Shonka, 36, has been with Amwest for almost 11 years and has served in a number of senior management positions, including controller and head of its Court Division. "I'm leaving the P&C division in good hands," said Main. "Jeff has done an outstanding job as chief operating officer of the division and is well prepared to handle the additional responsibilities of division head." Shonka will join the other Amwest Surety Insurance Co. executives -- John Savage, Steven R. Kay, executive vice president and chief financial officer, and Neil F. Pont PONT Pontiac , executive vice president -- as a member of Amwest's Executive Committee. "I'm profoundly confident that this executive management team will lead the company to a very bright future," commented the elder Savage. "It's time It's Time was a successful political campaign run by the Australian Labor Party (ALP) under Gough Whitlam at the 1972 election in Australia. Campaigning on the perceived need for change after 23 years of conservative (Liberal Party of Australia) government, Labor put forward a to relinquish my role as co-CEO and let John and his team run the operations of the Amwest Group." Amwest Insurance Group is a Calabasas-based insurance holding company underwriting surety and property and casualty insurance through Amwest Surety Insurance Co., Condor Insurance Co. and Far West Insurance Co. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion