Insurance company Progressive Corp. said that it named JPMorgan Chase & Co. executive Heidi Miller as a board member and authorized a share buyback.
Miller, 58, will serve a term that ends at Progressive’s annual shareholders meeting in April 2012. Miller is president of international operations at J.P. Morgan and jointly leads J.P. Morgan Global Corporate Bank. She is also a member of the operating committee at JPMorgan Chase.
Progressive also said its board approved the repurchase of up to 75 million shares of its common stock. This is in addition to about 12.5 million shares left under an existing buyback as of May 31.
Progressive is based in Mayfield Village, Ohio.
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