White Mountains appoints new CEO as Barrette retires

Bermuda-based White Mountains Insurance Group has elected Manning Rountree as chief executive officer (CEO) with immediate effect, succeeding Ray Barrette, who is retiring from the company.

Rountree has also been elected to the company's board of directors. He most recently served as the president of White Mountains Capital, and previously served as president of WM Advisors from 2009 to 2014. Rountree joined the company in 2004.

The company has also elected Morgan Davis, the lead independent director of the board, as non-executive chairman.

Davis said: "The board has been working with Ray for some time to identify his successor and to assure an orderly transition when he decided it was time to retire.

"On behalf of the board, I want to thank Ray for his leadership of the board and his dedication to the company over many, many years."

Barrette said: "It has been a tremendous honour to serve White Mountains over the past several decades and to have led a terrific team of seasoned and dedicated professionals. I am proud of all that we have achieved. Rest assured that I am leaving the company in very capable hands.

"Manning is an exceptional manager and has all the right skills and experience to take the company forward. He is the right person to lead the company at this time."

Rountree added: "I feel honored to assume leadership of the company. Ray has been an exceptional business leader throughout his career, responsible for many of our biggest successes.

"There are wonderful opportunities ahead. I look forward to working with our board and management team to build upon our strong track record of creating shareholder value."

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