James River, a Bermuda-based insurance holding company, has announced the retirement of Non-Executive Chairman, founder and former Chief Executive Officer J. Adam Abram
According to the announcement, Abram will not stand for re-election at the Company’s 2023 Annual Meeting.
The Board has appointed Lead Independent Director Ollie L. Sherman, Jr. as its next Non-Executive Chairman, effective upon the conclusion of Abram’s term as director, and contingent upon Sherman’s re-election as a director at the Annual Meeting.
“Serving James River as CEO and Chairman has been an honour. I am very proud of all the company has achieved, and excited for the future of the Company, as it is well-positioned to continue executing on its transformation under outstanding leadership,” said Abram.
Frank D’Orazio, the Company’s Chief Executive Officer, commented: “Adam and I have worked closely together during my tenure as CEO, and I have appreciated his valuable counsel and camaraderie.
“He has been instrumental to James River’s success throughout his tenure serving as Chief Executive Officer and Chairman. On behalf of the Board and the entire Company, I want to extend my appreciation to Adam for his longstanding leadership and the foundation he established during his twenty-year commitment to James River.”
Sherman has served on the company’s Board of Directors since May 2016. He retired as a Managing Principal with Towers Watson in 2010. During that time, Sherman functioned as a consulting actuary and practice manager for the company’s property and casualty division for over 25 years.
Prior to joining Towers Watson, he was employed by the Travelers Insurance Company for a decade, where he had overall responsibility for countrywide workers’ compensation pricing.
“I am very excited to continue to partner with Ollie in his new leadership position,” continued Mr. D’Orazio. “He has been a cogent and thoughtful presence on the Board, especially through his leadership on the Nominating and Corporate Governance and Audit Committees. I am thrilled that the Company will continue to benefit from his insightful counsel in his new role.”
