8-KLeadership ChangesRegulation FDExhibits & Filings

ARCH CAPITAL GROUP LTD. 8-K Report, Executive Changes (Oct 28, 2008)

Filed October 28, 2008For Securities:ACGLACGLNACGLO

Summary

Arch Capital Group Ltd. (ACGL) has filed an 8-K report detailing significant changes in its Chief Financial Officer (CFO) position. The current CFO, John D. Vollaro, will transition to a Senior Advisor role effective April 1, 2009, after serving as CFO until March 31, 2009. He will remain with the company in this advisory capacity until April 2012, with a reduced salary. This transition indicates a planned succession and retention of experienced leadership. Mr. Vollaro will be succeeded by John C.R. Hele, who will join ACGL as Executive Vice President and CFO on April 1, 2009. Mr. Hele brings extensive financial and actuarial experience from his tenure at ING Group, where he served as CFO and held other senior risk and actuarial roles. His appointment signifies the company's strategy to onboard seasoned financial executives, with his compensation package including a competitive base salary, bonus potential, and equity awards, including stock options and restricted shares that will vest over time.

Key Highlights

  • 1John D. Vollaro to transition from CFO to Senior Advisor role, effective April 1, 2009, continuing with the company until April 2012.
  • 2John C.R. Hele appointed as the new Executive Vice President and CFO, joining on April 1, 2009.
  • 3Mr. Hele has a strong background, including serving as CFO of ING Group.
  • 4Mr. Vollaro's base salary will decrease from $500,000 to $250,000 per annum upon transitioning to Senior Advisor.
  • 5Mr. Hele's employment agreement includes an annual base salary of $600,000 and potential for bonuses.
  • 6Mr. Hele will receive 40,000 stock options and 25,000 restricted common shares, subject to vesting over three years.
  • 7The changes were announced via a press release on October 23, 2008.

Frequently Asked Questions

John D. Vollaro has elected to transition from his Chief Financial Officer role to a Senior Advisor position. This allows for a planned succession while retaining his expertise within the company until April 2012.

John C.R. Hele will succeed Mr. Vollaro as Executive Vice President and Chief Financial Officer, joining the company on April 1, 2009.

Mr. Hele has significant financial experience, including serving as Chief Financial Officer and a member of the Executive Board of ING Group since April 2007. Prior to that, he held positions such as Deputy CFO and Group Actuary at ING Group, and was CEO of Worldinsure.

Mr. Hele's employment agreement includes an annual base salary of $600,000, with a target annual cash bonus of 100% of his base salary. He is also eligible for discretionary bonuses and share-based awards, including 40,000 stock options and 25,000 restricted common shares, which will vest over three years.