Bermuda-based AXIS Capital Holdings Limited announced that Edward J. Kelly III has resigned from its Board of Directors.
AXIS explained the decision, as “due to guidelines published by Institutional Shareholder Services recommending that CEOs of publicly-traded companies serve on no more than two public boards outside their own board.”
Kelly has served as a director of AXIS Capital since September 2002. Since March 2001, he has been CEO, President, and a director of Mercantile Bankshares Corporation, and Chairman of its Board of Directors since March 2003. He is also a director of CSX Corporation and Hartford Financial Services Group.
AXIS Chairman Michael Butt stated: “The Board, the Company and I are all grateful to Ned for his valuable contributions, support and service during AXIS Capital’s critical development stages.”
Kelly’s resignation takes effect Jan. 31, 2006 and the Company said it has “no immediate plans to appoint a successor.”
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
