New CEO takes helm at White Mountain Insurance
Steven E. Fass has replaced Raymond Barrette as chief executive officer of White Mountain Insurance, the company announced Monday.
The Bermuda-based company, whose U.S. headquarters are in Hanover, announced the change following Barrette’s resignation. The company said that Barrette – who also said he was stepping down from the company’s board of directors — was not forced out, nor did he leave because of performance or regulatory issues.
“This was not intiated by the board,” the company stressed.
“I had been considering retirement for awhile,” Barrette said, according to the company press release. “My friend and partner, Steve Fass, now gets his chance to take the company to the next level.
Barrette has been with the company for the last eight years and has been CEO since 2003. Last year he pulled in nearly $850,000 in salary and other short-term compensation and earned a $17.5 million long-term incentive payout. Barrette is not entitled to a severance agreement, but the “board will consider in due course whether any financial arrangements are appropriate,” the company announced.
Fass, who heads White Mountain’s reinsurance operations and is a director of OneBeacon Insurance Group, has been a senior partner at White Mountain for nearly a decade.
Fass will retain his position as president until a replacement has been found.
White Mountain paid Fass $1.25 million in salary and bonus and other short-term compensation last year and awarded him more than $12 million in long-term compensation. Fass will be compensated in the future “in accordance with his increased responsibilities,” the company said.
The company also said the change in leadership does not reflect a change in direction and that there are no other senior management changes planned at this time. – BOB SANDERS