The Hanover has announced that the company’s board of directors has accelerated its previously disclosed leadership transition plan by electing current board vice-chair Cynthia L. Egan as chair, effective December 1. Ms. Egan was elected vice-chair in February, with the expectation she would become chair in May 2021, following the mandatory retirement of current chair P. Kevin Condron, in accordance with board policy due to age. The transition plan was adopted and announced by the board in February of this year under Condron’s leadership, and its acceleration will allow for overlap and transition support prior to his expected retirement in 2021.
The Hanover President and CEO John C. Roche thanked Condron, who will remain on the board until his retirement next year, for his guidance, leadership, and board service over the past 13 years. “For more than a decade, Kevin has brought tremendous leadership and counsel, unparalleled wisdom and keen business judgment to The Hanover board, as well as to the business community as a whole,” said Roche. “We look forward to his continued board involvement and perspective as past chair as we advance our mission and deliver on our promises to our shareholders and other stakeholders.” Roche also noted, “As we approach year-end and the company begins to implement its plans for 2021 and beyond, we have every confidence that Cynthia will bring the same energy and leadership, as well as her broad public company experience, to the role of chair as she demonstrated as vice-chair.”
Ms. Egan was president of retirement plan services for T. Rowe Price Group, a global investment management organization, from 2007 until her retirement in 2012. Before joining T. Rowe Price, she held senior positions with Fidelity Investments, a multinational financial services corporation, from 1989 to 2007, including executive vice president, head of Fidelity’s Institutional Services Company, president of the Fidelity Charitable Gift Fund, and executive vice president of Fidelity Management Research Co. Ms. Egan is a director of UNUM Corporation, Huntsman Corporation, and the BlackRock Fixed Income Funds Complex, as well as chair of the board of visitors of the University of Maryland School of Medicine.