Printer Friendly


 WASHINGTON, May 19 /PRNewswire/ -- William B. Snyder, chairman of GEICO Corporation (NYSE: GEC), announced today that the board of directors has approved his recommendation that, in view of the impending retirement of himself at age 65 in July 1994 and President Edward H. Utley in November 1994, a succession plan should now be implemented. Snyder stated that he would continue as chairman, Utley would be elected vice chairman, and the board had created a new position, the office of the president and chief executive officer, and had elected two presidents to fill that office.
 Olza M. (Tony) Nicely was elected president, insurance operations of the corporation, and chairman of its subsidiaries, Government Employees Insurance Company and GEICO General. Nicely also continues as president and chief executive officer of both subsidiaries. He will have responsibility for all GEICO's property and casualty insurance businesses, except its recent acquisitions, Southern Heritage and Merastar. These will continue to report to Snyder, who also will continue to be GEICO's representative on insurance industry affairs.
 Louis A. Simpson was elected president, capital operations of the corporation, with responsibilities covering all investment, financial and capital allocation activities.
 Snyder noted that, as is the case in most insurance companies but particularly so for GEICO, the company's business has been divided between its pure insurance operations and its investment and capital allocation functions. He noted that this work has been divided between himself and Simpson for the past eight years, and he and the board believe that the beneficial results of this sharing of responsibilities should now be formally recognized by creating the new office of the president and CEO to be occupied by Simpson and Nicely.
 Utley, currently president of GEICO Corporation, has been elected vice chairman of the board. He will continue as chairman and CEO of GEICO Indemnity and Criterion Casualty.
 Nicely, 49, joined Government Employees Insurance Company as an endorsement clerk in 1961 when he was 18. He became assistant vice president in 1973, vice president in 1980, senior vice president in 1985 and executive vice president in 1987. He was elected president of Government Employees Insurance Company in 1989 and CEO in 1991. He holds a bachelor's degree in business administration from Georgia College and a certificate in general insurance from the Insurance Institute of America.
 Simpson, 56, joined GEICO in 1979 as senior vice president and chief investment officer. Since July 1985 he has been vice chairman of the board and chairman of the corporation's finance committee. Prior to joining GEICO, Simpson was president and CEO of Western Asset Management, a subsidiary of the Los Angeles-based Western Bancorporation. Before that, he was a partner at Stein Roe and Farnham, a Chicago investment firm, and instructor of economics at Princeton. A graduate of Ohio Wesleyan University, he received a master's degree in economics from Princeton. He is a director of Potomac Electric Power Company and Salomon Inc., as well as a regent for Loyola Marymount University, Los Angeles.
 Simpson and Nicely joined the board in complimenting Snyder for his outstanding leadership of GEICO since 1985. His comprehensive knowledge of the personal lines casualty insurance industry and his unremitting attention to every detail of GEICO's business have built it into one of the most successful and financially secure casualty insurance companies in the United States, they said.
 GEICO Corporation Board Announces Four New Officers
 In addition, the GEICO Corporation Board of Directors today announced the election of four new officers.
 Robert M. Miller was elected president of GEICO Indemnity (GI) and Criterion Casualty. Miller began his 27-year career with GEICO as an underwriter in Washington, and served in numerous underwriting positions before becoming an assistant vice president in 1980 in GEICO's regional office in Macon, Ga. He then opened GEICO's new regional office in Dallas in 1986. He is a CPCU. He received a B.A. in marketing from the State University of Iowa and an M.B.A. from Georgia College.
 Simone (Sim) John Pace was elected senior vice president and will fill the new position of chief information officer of the companies. Pace was formerly president of Blue Cross/Blue Shield of the National Capital Area, where he held numerous positions in data processing and customer service and other executive responsibilities over a 22-year period. A former Marine Corps officer, he received his B.S. in engineering from the U.S. Naval Academy and his M.S. in business administration from George Washington University.
 R. Paul Cheek was elected vice president, with responsibility for the home office claim department. Since Cheek joined GEICO in 1963 as a claim adjuster, he has held claim positions of increasing responsibility. Most recently he has been assistant vice president for claims in San Diego. He has attended Southeastern University and George Washington University and is currently enrolled at National University.
 Robert D. Wilson was elected assistant vice president with responsibility for the claim department in San Diego. Wilson worked four years as an adjuster before coming to GEICO in 1970 as an examiner. His prior positions include his current position as regional liability director in the Washington regional office and regional material damage director in the Macon, Ga., office. He graduated from Mercer University in 1990 with a B.B.A.
 James M. Hitt, currently president of GEICO Indemnity in Washington, will assume new responsibilities for the regional office in Dallas. Previously Hitt served as vice president, systems and data processing, for the companies. He is a CPCU and received his B.S. from the University of Maryland in 1976.
 Carroll R. Franklin, presently vice president for planning and investor relations, in Washington, will become vice president of human resources for the companies. Franklin received a B.S. from the U.S. Naval Academy and completed a 22-year career in the U.S. Marine Corps before joining GEICO in 1978.
 GEICO Corporation is the parent company of Government Employees Insurance Company, which is referred to as GEICO. GEICO insures private passenger automobiles of preferred risk individuals employed by the federal government or the military. It also provides homeowner coverage and other types of insurance for qualified applicants. GEICO General Insurance Company, a subsidiary of GEICO, insures private passenger automobiles for preferred risks other than federal or military employees. GEICO Indemnity Company, also a subsidiary of GEICO, insures standard risk individuals.
 -0- 5/19/93
 /CONTACT: Carroll Franklin, Investor Relations, GEICO, 301-986-2055/

CO: GEICO Corporation ST: District of Columbia IN: INS SU: PER

IH-DC -- DC016 -- 0342 05/19/93 13:39 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 19, 1993

Related Articles
GEICO to Build New Facility in Macon
GEICO Announces Auto Insurance Rate Decreases for Maryland, Virginia and District of Columbia Policyholders
GEICO Announces Auto Insurance Rate Decreases for Maryland Policyholders
GEICO Announces Plans to Bring New Jobs to Buffalo.
GEICO Names John Zinno General Manager of New Buffalo Business Location in Amherst.
State Officials to Welcome GEICO at Opening of New Claims Office April 13; Media is Invited to Attend.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters