Greenlight Capital Re, Ltd., the Cayman Islands domiciles specialist property and casualty reinsurance firm that is backed by hedge fund manager David Einhorn, has announced that its CEO and Board member Bart Hedges will be stepping down as of March 31st 2017.
Leonard Goldberg, a former Chief Executive Officer at Greenlight Capital Re and still a member of the Greenlight Board, will become interim Chief Executive Officer in order to ensure a smooth transition and until a new CEO has been identified and hired.
Greenlight Capital Re said that it will undertake a search process of both internal and external candidates in order to find the right permanent successor to Mr. Hedges.
“On behalf of the Board, I want to thank Mr. Hedges for his contributions to GLRE over the last 11 years,” commented David Einhorn, Chairman of the Board at Greenlight Capital re. “We would like to thank him for his efforts in implementing GLRE’s strategy and developing a talented, experienced team. We wish him all the best in his future endeavors.”
“I am proud of our accomplishments during my tenure with GLRE’s management team and as a member of the Board. I wish the Company and my long-time colleagues continued success,” added Hedges.
Incoming interim CEO Goldberg commented; “We are confident that we have a strong platform to continue building upon. As we actively conduct the search for a new CEO, the team and I will continue our pursuit of a differentiated insurance and investment strategy designed to maximize returns over the long term.”
Source: Globe Newswire