AXIS Capital Holdings Ltd. said Jack Gressier stepped down just months after the Bermuda-based insurer and reinsurer named him chief operating officer.
Gressier, 46, won’t be replaced, and his responsibilities already have been distributed among three other executives, AXIS said Monday in a statement. Gressier had been with the firm for about 12 years, according to AXIS, which cited a desire to spend time with his family as a reason for his departure.
Chief Executive Officer Albert Benchimol named Gressier COO in March to replace Dennis Reding, who was retiring. Gressier previously ran an insurance unit at the company. AXIS reported operating income of $633 million in 2013, up 50 percent from the previous year.
“Jack has been a big part of our success as a company from our early years,” Benchimol said in the statement. “Looking forward, we have seasoned executives at the helm.”
Gressier was required to give 12 months notice of a voluntary resignation, said a person familiar with his departure. Gressier will be on so-called garden leave for the next year, said the person, who asked for anonymity because personnel matters are confidential. Details on the change will come in a regulatory filing in a few days, the person said.
Garden leave refers to workers who are kept on payroll and ordered to stay home for a specified period after giving notice to reduce the chances they’ll take information or clients to their new employer. The term derives from the idea that the employees will have little to do except tend their gardens.
Michael Herley, a spokesman for AXIS at Kekst & Co., said Gressier wasn’t available for an interview. Gressier didn’t respond to a message sent to his LinkedIn Corp. profile.
Gressier’s duties are being assumed by Peter Wilson, CEO of AXIS Insurance; Christopher DiSipio, AXIS Accident & Health chief; and Richard Strachan, chief operations officer.