XL’s two leading lights to depart

by Richard Kilner

Story link: XL’s two leading lights to depart

Brian O’Hara, president and CEO of XL Capital, has told the firm’s board of directors that he intends to retire as both president and CEO partway through 2008.

Michael Esposito, XL’s chairman, has also informed the board that when O’Hara’s successor is appointed he will leave his position on the board, explaining that he had served as chairman for the entirety of O’Hara’s tenure as CEO and felt it would be proper to stand down when O’Hara does.

Esposito has spoken on behalf of the board, stating that over 20 years (13 as CEO) O’Hara had developed a formidable business franchise, with integrity upon which a values-based culture was built and that had delivered a strong performance.

He went on to express the board’s admiration and gratitude for O’Hara’s work and said that it would be a big task to find someone worthy to succeed the outgoing CEO and president, adding that there were strong internal candidates that would be considered alongside talented individuals from outside the firm.

O’Hara paid tribute to his colleagues, thanking them for the opportunity to spend the last 2 decades working alongside talented individuals to develop a highly successful business and saying that both he and Esposito were committed to a smooth and stable transition from one generation to the next.

It is expected by the board of directors that, following retirement as CEO, O’Hara will serve as chairman for one year, to see out the end of the current board term and to help provide continuity during the transition.