Safeco announced that Paula Rosput Reynolds has been named the company’s new president and chief executive officer effective Jan. 1, 2006. Reynolds also was appointed to Safeco’s board of directors.
Reynolds, 49, currently is chairman, president and CEO of AGL Resources, an Atlanta-based energy holding company that includes six natural gas utility companies, wholesale services and energy investments. Her 27 years in the energy business included executive positions in Houston and San Francisco.
“I’m excited about the opportunity to lead Safeco to the next level of success — creating a sustainable competitive advantage and long-term value,” said Reynolds. “Safeco has demonstrated it has the talent and the determination. Rather than a sprint, we’re now in the race for the long run. We intend to deliver excellent performance year after year. I look forward to being at the forefront of that challenge.”
Mike McGavick, who has announced his candidacy for the United States Senate representing the state of Washington, will step down as CEO and chairman of the board on Dec. 31, 2005. He will provide transition services for two months as a Safeco employee.
Safeco’s board of directors also has elected Joseph “Jay” Brown as its non-executive chairman effective Jan. 1, 2006, replacing McGavick. Brown, 56, has been a Safeco director since 2001 and brings extensive insurance industry experience to this new role.
He is chairman of MBIA Inc., a financial services company based in Armonk, N.Y. Before joining MBIA in 1999, Brown was chairman, president and CEO of Talegen Holdings Inc., the former insurance holdings operation of Xerox Corporation, and president and CEO of Fireman’s Fund Insurance Company.
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