Summary
Arch Capital Group Ltd. (ACGL) announced a significant leadership transition through an 8-K filing on September 22, 2017. Effective March 2, 2018, the current Chief Executive Officer, Mr. Iordanou, will step down from his CEO role. However, he will continue to be a valuable asset to the company by remaining on the Board of Directors and assuming the position of non-executive Chairman of the Board.
Key Highlights
- 1Leadership Transition: Mr. Iordanou will transition from CEO to non-executive Chairman of the Board.
- 2Continued Board Involvement: Mr. Iordanou will remain a member of the Board of Directors.
- 3Service Agreement: A Service Agreement, effective March 2, 2018, outlines Mr. Iordanou's new role.
- 4Consulting Services: Mr. Iordanou will provide up to 50 days of service per year as requested.
- 5Compensation Structure: Annual base compensation of $500,000 plus eligibility for a 100% target bonus.
- 6Additional Benefits: Mr. Iordanou will receive other specified benefits.
- 7Restrictive Covenants: Agreement includes non-competition, nonsolicitation, and confidentiality clauses.
Frequently Asked Questions
Arch Capital Group is announcing a CEO transition. Mr. Iordanou will step down as CEO on March 2, 2018, and will move into the role of non-executive Chairman of the Board.
Yes, Mr. Iordanou will continue to be a member of the Board of Directors and will serve as the non-executive Chairman of the Board. He will also provide consulting services to the company.
Mr. Iordanou will receive an annual base compensation of $500,000, will be eligible for a bonus with a target of 100% of his base compensation, and will receive other specified benefits as outlined in the Service Agreement.
Yes, Mr. Iordanou has agreed to non-competition, nonsolicitation, and confidentiality covenants as part of the Service Agreement.