Progressive Corp. President and CEO Glenn Renwick will retire on July 1 after 15 years leading the iconic property/casualty insurer, and 30 years with the company itself. His replacement is already in place: Tricia Griffith, Personal Lines chief operating officer, will succeed him.
Renwick will remain with Progressive in one remaining role – executive chairman of the board.
The leadership transition has been years in the making, according to Progressive’s announcement.
“This leadership transition is the culmination of years of planning by the board, initiated by [Renwick] several years ago, based on a timeframe that would ensure continuity of leadership with an approach grounded in Progressive’s values and evolving business model,” Stephen Hardis, lead independent director of Progressive’s board of directors, said in prepared remarks.
Hardis added that the CEO change “comes at a time of great strength” at Progressive, because it is “well positioned-for the long-term.”
Griffith, in prepared remarks, referred to Renwick as “an outstanding leader, mentor and friend,” and said she’s committed to “building on his legacy and working with our board and management team to continue to fulfill our mission and create value for all our stakeholders.”
Renwick noted that Griffith has developed years of experience at Progressive leading to her emergence as the company’s next CEO.
Griffith “has an outstanding track record in key leadership positions at Progressive over the last 28 years, and I am confident the company will continue to thrive under her leadership,” Renwick said in prepared remarks.
Renwick has been Progressive’s CEO since 2000. Hardis credited him with helping the insurer increase its market capitalization by 155 percent to more than $19 billion, and also tripling written premiums along the way. Renwick’s has also overseen changes like the Snapshot telematics device designed to promote safe automobile driving (and lower rates in return), online price comparisons, concierge claim service, and Name Your Price, among other innovations.
Renwick’s vision helped establish “significant value for all of the company’s stakeholders, including policyholders, agents, employees, shareholders and the communities in which we operate,” Hardis said.