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Brown & Brown, Inc. (NYSE:BRO) announced that effective Friday, Stephen P. Hearn, the company’s Executive Vice President and Chief Operating Officer, has been appointed to the additional role of President of the Retail Segment. Hearn has served as Executive Vice President and Chief Operating Officer since February 2025 and was previously a director from August 2024 until February 2025.
According to a statement released in a Securities and Exchange Commission filing, Hearn will take over the duties and responsibilities of President of the Retail Segment from P. Barrett Brown, who has commenced a personal leave of absence as of Friday. Hearn will continue in his current roles as Executive Vice President and Chief Operating Officer while assuming the new responsibilities. The leadership change comes as the company’s stock trades near its 52-week low, though analysts maintain a positive outlook with multiple upward earnings revisions for the upcoming period.
The company reported that Barrett Brown, who previously held the position of President of the Retail Segment and also serves as Executive Vice President, began his leave on Friday.
This information is based on a press release statement contained in a recent SEC filing.
In other recent news, Brown & Brown, Inc. announced a reorganization of its business segments following the acquisition of RSC Topco, Inc., the holding company for Accession Risk Management Group, Inc. Starting in the third quarter of 2025, the company will consolidate its Programs and Wholesale Brokerage segments into a new Specialty Distribution segment. Brown & Brown will report financial results under two segments: Retail and Specialty Distribution. Additionally, Steve Hearn has been appointed as the president of the company’s Retail segment while maintaining his role as chief operating officer. Hearn will replace Barrett Brown, who is on a personal leave of absence, and plans to eventually relocate to Daytona Beach, Florida. Furthermore, Hearn will lead all operations outside of North America across both the Retail and Specialty Distribution segments. The company believes Hearn’s extensive experience and deep relationships in the global market will drive continued growth and strengthen its worldwide position. These developments reflect Brown & Brown’s strategic efforts to streamline operations and expand its global reach.
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