Everest Re Management Shakeup: Taranto Stays; Jones Leaves

The Everest Re Group’s Board of Directors has announced that Joseph V. Taranto has accepted its request to reconsider his decision to retire and will remain as Chairman and CEO through December 31, 2012.

At the same time the Board announced that Ralph E. Jones III, currently Everest Re’s president and COO, “has asked the Company to accept his resignation effective October 7, 2010.”

Taranto stated: “I am dedicated and energized to continue to lead the Company forward. Given all of Everest’s strengths, I expect us to continue to perform well despite challenging market conditions. I also want to thank Ralph Jones for his contributions to Everest and wish him the very best.”

Standard & Poor’s Ratings Services issued a statement in reaction to the two announcements indicating that Everest Re’s ratings “were unaffected by today’s announcement of the resignation of Ralph E. Jones III, president and chief operating officer, effective Oct. 7, 2010.” S&P also noted that he had been “expected to become the CEO of Everest effective Jan. 1, 2011.”

S&P expressed confidence in Taranto’s leadership, indicating “we don’t believe this management change is a concern, based on Mr. Taranto’s extensive experience at Everest. Nevertheless, we note the void created by Mr. Jones’ sudden departure, given his previous role at the company and his 30-plus years of industry experience.”

Source: Everest Re and Standard & Poor’s