Byers Succeeds Russell at FPIC.John R. Byers, 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 FPIC FPIC First Professionals Insurance Company (Jacksonville, FL) FPIC Field Programmable Interconnect FPIC Federal Partnership for Interoperable Communications FPIC Field Programmable Interconnect Chip Insurance Group Inc., has been elected interim president, chief executive officer and a director. He succeeds William R. Russell, who resigned from those posts and as a director of the company. His resignation came at the request of the board over leadership issues. The company said it will incur a one-time charge of about $1.5 million, pretax, during the third quarter for Russell's severance package A severance package is pay and benefits an employee receives when they leave employment at a company. In addition to the employee's remaining regular pay, it may include some of the following:
American athlete. An outstanding collegiate football player, he later played professional football and baseball. , executive vice president and chief financial officer. David L. Rader, president and COO of the company's subsidiary, Florida Physicians Insurance Co., was elected 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. of that subsidiary, a position that was previously held by Russell. Thorpe said internal issues at the company dated back to last summer. He said that's when the company's stock, which trades on the Nasdaq stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. , fell to below $14 a share from $50. "There has been a fair amount of turmoil, and it hasn't completely gone aways," Thorpe said. "It all has to do with relationship and leadership issues." He said no recent developments or financial issues had stemmed from the problems. "The board of directors and Mr. Russell agreed that it was time for a change and new leadership," Dr. Robert O. Baratta, chairman of the board, said in a prepared statement. FPIC Insurance Group, through its subsidiaries, provides professional liability and associated insurance products for physicians, dentists, hospitals and other health-care providers. |
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