Vesta Insurance Group, Inc. announced today that the company has created an Office of the Chairman and promoted William Perry Cronin to the position of Senior Vice President, Chief Financial Officer and Treasurer of Vesta Insurance Group. Mr. Cronin was previously Senior Vice President, Controller and Treasurer of Vesta Insurance Group. The newly created Office of the Chairman will be charged with setting and executing the strategic direction of the Company and will include the Chairman, James E. Tait and the President, Norman W. Gayle, III.
“Perry’s promotion is an acknowledgement of his instrumental role in the success of Vesta’s turnaround,” said Norman W. Gayle, President of Vesta Insurance Group. “During his tenure, he has increasingly taken on responsibilities associated with the Chief Financial Officer position, enabling Jim Tait and me to better focus on enhancing our existing business lines and developing new opportunities.”
Cronin has served Vesta Insurance Group in an executive capacity since January 1999, and has been responsible for all accounting and financial operations at the subsidiary level, as well as Securities and Exchange Commission reporting for Vesta Insurance Group. Cronin moves into his new role with seventeen years of finance experience. Prior to joining Vesta, he worked at several accounting firms, including Ernst and Young L.L.P. and Coopers and Lybrand. Hopson B. Nance joins Vesta Insurance Group as Vice President and Controller.
Nance previously worked for PricewaterhouseCoopers. Vesta Insurance Group also announced the addition of a new Board member, Alan S. Farrior, bringing the Board to ten members. As President of Lowder New Homes/Colonial Homes, Inc., one of the largest residential construction companies in Alabama, Mr. Farrior has been extensively engaged in real estate development and construction in Alabama and Florida. Farrior brings a wealth of experience and knowledge in residential building to Vesta’s personal lines business.
Farrior also serves on the Board of the National Association of Home Builders. The Company also announced today that it has agreed to sell the 1,380,000 shares it acquired from Torchmark on July 2, 2000, in a private placement at $6.56 per share. The Company will recognize no gain or loss resulting from this transaction.
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