GE Insurance Solutions COO Richard Smith has left the company to become chairman-elect and CEO of Equifax Inc.
Smith, 45, will succeed Thomas Chapman, who will retire at the end of the year. Smith worked at General Electric Co. for 22 years and most recently led all business units for GE Insurance, including property and casualty reinsurance, commercial lines insurance, and life and health reinsurance.
The company won’t name a successor to Smith, GE Insurance spokesman John Novaria said Thursday. Company CEO Ron Pressman will take over Smith’s duties at GE Insurance.
The announcement of Smith’s departure came in the wake of announcements that Kansas City-based GE Insurance is selling off its insurance sector.
GE Insurance posted net income of $36 million in 2004. On July 1, the company sold its Medical Protective Corp. unit to Berkshire Hathaway Inc. for $825 million.
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