Tuesday, diversified insurance agency Brown & Brown, Inc. (BRO) announced the appointment of current President Powell Brown to the additional position of chief executive officer, effective July 1, 2009. Brown would succeed Hyatt Brown, who would retire, effective July 1, 2009 under an executive succession plan revealed earlier. Hyatt Brown now intends to continue to serve as the chairman of the board of directors, and also to continue assisting in acquisitions and recruitment.
In a statement, vice chairman and chief operating officer, Jim Henderson said, "I and the other members of the senior management of Brown & Brown look forward to continuing to work with Powell. The depth of his experience with the Company and the expansion of his responsibilities over his 14-year tenure with Brown & Brown will help to make the transition in July a seamless one."
Powell Brown oversees most of the Company's wholesale brokerage and public entity operations located throughout the country. Powell Brown, who has been a director since October 2007, served as president since January 2007, and also serves in an executive officer capacity for certain Brown & Brown subsidiaries.
Prior to that, Powell Brown served as one of the company's regional executive vice presidents, since 2002. From 1998 to 2003, Powell Brown served as profit center leader of the company's Orlando, Florida retail office. Earlier, Powell Brown was a sales producer and then Marketing Manager in the Daytona Beach, Florida retail office from 1995 to 1998.
Prior to joining Daytona Beach, Florida-based Brown & Brown, Powell Brown was with the Continental Insurance Co. Powell Brown also serves on the boards of directors of Camp Boggy Creek as well as the SunTrust Bank/Central Florida.
The outgoing chief executive officer, Hyatt Brown, has served as chief executive officer, since 1993 and as the chairman of the board of directors since 1994. Hyatt Brown was president of Brown & Brown from 1993 to December 2002, and served as president and chief executive officer of Brown & Brown's predecessor corporation from 1961 to 1993.
Hyatt Brown also serves on the Boards of Directors of SunTrust Banks, Inc. (STI), International Speedway Corp. (ISCA), FPL Group, Inc. (FPL), BellSouth Corp., and Rock-Tenn Co. (RKT).
BRO closed Tuesday's regular trading session at $18.19, down $0.39 or 2.10% on a volume of 1.57 million shares, higher than the three-month average volume of 1.26 million shares.
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