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Selective Insurance Group Inc. Message Board

  • crun60 crun60 Feb 9, 2009 9:59 AM Flag

    Defalcation

    That's a great word! With very specific meaning. I have heard that there was one particular quick exit with mysterious surrounding circumstances. A close friend of the SVP/Claims who she brought in, recommending for the position. And now it seems that a vacancy for the SVP/Claims position will likely add to the SVP/Underwriting gap. The turmoil in senior leadership without long-term SIGI management history is not just a HR problem. It is a stockholder problem. You can't achieve positive stock pricing results if leadership is failing, quasi-committed to long-term strategic results, or spending time looking to make personally beneficial career moves.

    And, if cursing at that meeting is true, the problem starts with the CEO.

    In the meantime, I'll be discussing with my accountant when to sell these stocks and take the loss. What a disappointment!

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    • There were a number of exits that raised some eyebrows. The EVPs of Claims, Underwriting and HR all left within the last year. And the person in claims that you mentioned in the last year also. I don't think any of those departures have anything at all to do with defalcation (which is a serious statement to make)because there would be prosecutions mentioned. Rather, my sense is that they were driven by the way management runs the company. But, who knows....

 
SIGI
33.05-0.07(-0.21%)12:46 PMEST