Toronto-based Kingsway Financial Services Inc. announced that its founder William G. Star is retiring from his position as president and CEO, effective December 31, 2007. Shaun Jackson, currently executive vice-president and chief financial officer, has been appointed as his successor. Star will remain as Chairman of the Board.
“Bill Star is a widely respected industry leader who has served this company, the insurance industry, and the community with dedication for many years,” stated lead director Michael Walsh. “His entrepreneurial spirit, vision, and drive have made Kingsway what it is today. As founding CEO, he succeeded in growing a small, private, and specialized Ontario automobile insurer into a $2 billion public, diversified property and casualty company operating across North America. On behalf of the board, shareholders, and Kingsway employees, I would like to thank him for his tremendous contributions and wish him all the best for his retirement.”
Star indicated that while it is “very difficult to step down from leadership of the company that I founded and was privileged to see grow successfully over many years,” the time is now right for a leadership transition. He expressed confidence in the “great leaders throughout the organization,” adding that he is certain they will “work together to ensure a strong future for the Company and its shareholders.”
Walsh noted: “Shaun Jackson has been an executive with Kingsway since 1995. His experience and deep understanding of Kingsway’s complex decentralized business model give the board confidence that he will lead the Company effectively as President and CEO.”
Jackson described Kingsway as a “a strong, entrepreneurial company with leadership talents at all levels of the organization and significant growth potential. It has weathered many storms in a highly cyclical industry.” He added that he was honored to have been given the opportunity to “lead this next phase in the Company’s evolution, working with the senior team to find new ways of continuing Kingsway’s tradition of growth and building shareholder value.”
Source: Kingsway – www.kingsway-financial.com
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