Carmel-based Baldwin & Lyons Inc. (Nasdaq: BWINA and BWINB) has announced Steven Shapiro has resigned as executive chairman and member of the board of directors. Chief Executive Officer Randy Birchfield says the company has decided to retire the executive chairman position as well.
Birchfield said in a news release the position was established in late 2015 during a management transition period to help develop a long-term strategic plan for Baldwin & Lyons.
"Over the last two years, the management team has successfully created and is executing a plan to grow the business and increase shareholder value," Birchfield said. "Consequently, the Board has decided to retire the Executive Chairman position and establish a more traditional corporate governance structure. The Board and I wish to thank Steve for providing his time, effort and guidance to the Company during this transition. We wish him the best as he resumes pursuit of his other interests and are pleased that he remains an interested shareholder and is invested in the Company’s success."
The company says Stuart Bilton will assume the role of lead independent director to act as a liaison between management and the board, and to assist in facilitating the board’s activities. Bilton has been a board member at Baldwin & Lyons since 1987.