Universal Insurance Holdings has announced that chairman and CEO Sean P. Downes will move into the role of executive chairman. Current COO Stephen J. Donaghy has been appointed to succeed Downes as CEO.
“I look forward to continuing my involvement with strategic decision-making in my capacity as the executive chairman,” Downes said. “Steve has been a key member of our management team for the past 13 years, and I look forward to continuing to work closely with him; Jon Springer, president; Frank Wilcox, CFO; and Kimberly Campos, CAO/CIO, who will all remain in their current roles. With our strong leadership, execution of our strategic priorities, and a solid second quarter of 2019, I believe our company’s future is brighter than ever.”
“We look forward to Sean’s continued leadership as executive chairman,” said Michael Pietrangelo, lead director of the board. “Steve is a strong leader with a deep knowledge of our business. The board looks forward to working with Steve in his new capacity as CEO, and with the outstanding Universal team.”
“It is a privilege to take on this new role and to continue to work with our tremendous team and partners,” Donaghy said. “We will continue to execute on the company’s strategic initiatives, further strengthen our foundation, and I will work closely with Sean, our executive leadership team, and the rest of our board to continue creating value for our shareholders.”
