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Old Republic CFO Paul Adams to Retire at Year End
CHICAGO, May 1 /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) reported today that Paul D. Adams, 56, senior vice president and chief financial officer, plans to retire at the end of the year.
"Paul Adams has made significant contributions to Old Republic since joining our Great West Casualty subsidiary in 1973, ultimately rising to executive vice president of that company and, in 1990, to his current position at the parent company," said A. C. Zucaro, chairman and chief executive officer. "His leadership, guidance and steadiness at the wheel will be sorely missed."
"We are also grateful to Paul for providing ample notice of his retirement plans, which should give us the opportunity to identify a successor and achieve a smooth transition of duties," Zucaro added. "We are now beginning to organize our search process."
Adams indicated that he will most likely be selling some of his shares of Old Republic in the coming months, diversifying his assets in advance of retirement. In its latest proxy statement, the company reported that Adams held directly and beneficially approximately 46,600 shares of common stock and options to purchase another 86,000 shares. As of March 31, 2001, the company had 118.5 million shares outstanding.
About the Company
Chicago-based Old Republic International Corporation is an insurance holding company whose subsidiaries market, underwrite and provide risk management services for a wide variety of coverages in the property and liability, mortgage guaranty, title and life and health fields. One of the nation's 50 largest publicly owned insurance organizations, Old Republic has assets of approximately $7.4 billion and capitalization of $2.7 billion. Its current stock market capitalization is approximately $3.3 billion. Visit Old Republic at: www.oldrepublic.com .
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SOURCE Old Republic International Corporation
CONTACT: A.C. Zucaro, Chairman & CEO of Old Republic, 312-346-8100; General Information, Leslie Hunziker, 312-640-6760, or firstname.lastname@example.org , or Analysts and Investors, Leslie Loyet, 312-640-6672, or email@example.com , both of The Financial Relations Board BSMG