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Investing.com -- Kemper Corporation (NYSE:KMPR) stock fell 1% after the company announced that Joseph P. Lacher, Jr. will step down as President and Chief Executive Officer and resign from the Board of Directors, effective immediately.
Lacher, who led the insurance company for nearly a decade, will remain with Kemper in an advisory capacity through the end of 2023 to support the transition process. The Board has appointed C. Thomas Evans, Jr., Kemper’s Executive Vice President, Secretary, and General Counsel, as Interim CEO while it conducts a comprehensive search for a permanent replacement.
"On behalf of the Board, I want to thank Joe for a decade of dedicated leadership at Kemper and his support throughout this transition," said Gerry Laderman, Chairman of the Board. "We appreciate his guidance through challenging periods, including the extraordinary disruptions of the COVID-19 pandemic."
Evans, who has been with Kemper since 1992 and served in multiple leadership roles, expressed confidence in the company’s outlook despite the leadership change. "While we are operating in a dynamic environment, I’m confident that our solid foundation and competitive advantages position us for long-term success," Evans stated.
The company plans to provide a financial update during its third quarter earnings call in early November. Kemper’s Board has established a search committee to identify the company’s next CEO who will lead the insurer into what Laderman described as "its next chapter of profitable growth."
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