Greenlight Capital CEO steps down; hunt for successor begins

Bart Hedges, the chief executive officer of Greenlight Capital Re (GLRE), a specialist property/casualty reinsurer based in the Cayman Islands, will step down at the end of March, 2017, after 11 years with the business.

He will also leave the company’s board of directors. Leonard Goldberg, Greenlight’s former CEO and current member of the board, will charge on a temporary basis while the company seeks a permanent successor.

"On behalf of the board, I want to thank Mr. Hedges for his contributions to GLRE over the last 11 years," said David Einhorn, chairman of the board.

"We would like to thank him for his efforts in implementing GLRE's strategy and developing a talented, experienced team. We wish him all the best in his future endeavours."

Hedges added: "I am proud of our accomplishments during my tenure with GLRE's management team and as a member of the board. I wish the company and my long-time colleagues continued success."

Goldberg commented: "We are confident that we have a strong platform to continue building upon. As we actively conduct the search for a new CEO, the team and I will continue our pursuit of a differentiated insurance and investment strategy designed to maximize returns over the long term."

AM Best said that the company’s A- Financial Strength Rating is unaffected by the announcement.