CORRECTION/Farmers Insurance appoints Martin D. Feinstein president and CEO, Leo E. Denlea Jr., chairman and CEO to retire.LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)---Nov. 13, 1996--Farmers Insurance, the nation's third-largest auto and home insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. and the sixth-largest property and casualty insurance group, Wednesday announced the appointment of Martin D. Feinstein as president and chief executive officer, effective Jan. 1, 1997. "It gives me great pleasure to announce that on Nov. 12, the board of directors of Farmers Group Inc. elected Farmers 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. Martin D. Feinstein, a 27-year veteran of Farmers, to the position of chief executive officer, effective Jan. 1," said Farmers Chairman and Chief Executive Officer Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. E. Denlea Jr., who announced his planned retirement next March at age 65. The company also named two new executive vice presidents. Feinstein, 48, has spent his career at Farmers, holding a variety of positions in marketing and claims functions in Farmers' regional offices. In recent years, he has held the positions of vice president - marketing, senior vice president - property and casualty operations and, since January 1995, president and chief operating officer. "Marty's breadth of experience at Farmers makes him exceptionally well-qualified to serve as chief executive officer," said Denlea. Denlea, appointed Farmers' chairman and chief executive officer in 1986, will continue to serve as chairman of the board of directors from Jan. 1 until his retirement. Denlea has led Farmers through a period which saw it grow from the ninth-largest property and casualty group to sixth; enter new markets in Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. , Alabama and Virginia; grow in assets from $10 billion in 1986 to $24 billion in 1995, grow net revenues from $973 million in 1986 to $1.9 billion in 1995, and increase the company's insurance policies in force from 11.9 million in 1986 to 15.7 million at the end of 1995. Prior to joining Farmers, Denlea was vice president and treasurer of Pacific Enterprises (then Pacific Lighting). Prior to that, he held finance positions with International Basic Economy Corp. and Mobil Oil. "Farmers is fortunate today to look forward to an extremely bright and successful future due in large measure to Mr. Denlea's management of the organization during the most challenging period of our nearly 70 years in business," said Feinstein. Farmers also appointed James A. MacKinnon to the new position of executive vice president - insurance operations, and Keitha T. Schofield to the new position of executive vice president - support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services . MacKinnon's 35-year career at Farmers includes numerous positions at Farmers' regional offices and in recent years, he has served at the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. headquarters as vice president - claims, senior vice president - field operations and most recently, senior vice president - personal lines. MacKinnon, 61, will be responsible for coordinating the operations of Farmers' personal lines, commercial lines and life insurance units, as well as its exclusive independent agency system. Schofield, 45, joined Farmers in 1995 in her current position of senior vice president and chief information officer, in charge of the company's information technology operations Information technology operations, or IT operations, are the superset of all processes and services that are both provisioned by an IT staff to their internal or external and used by themselves, to run themselves as a business. . Prior to joining Farmers, Schofield was vice president - technology division at Continental Airlines. In addition to retaining chief information officer responsibilities, Schofield will also manage human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. and planning for changes in the company's business processes. With headquarters in Los Angeles, Farmers Group manages the nation's third-largest auto and home insurer and the sixth-largest property and casualty insurance group. The company also owns life insurance units in Mercer Island Mer·cer Island A city of west-central Washington, coextensive with Mercer Island in Lake Washington near Seattle. It is primarily residential. Population: 22,300. , Wash., and Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. . CONTACT: Jeffrey C. Beyer, 213/930-4149 (work) 818/797-5622 (home) |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion