Longtime Nationwide Chief Financial Officer Mark Thresher plans to retire in September after 12 years in the role and 25 years with the insurer, the company announced.

Plans call for Tim Frommeyer to succeed Thresher in the position, and he will also be a part of the Nationwide executive leadership team. He’s a veteran Nationwide executive and most recently served as CFO for both financial services and property casualty under Thresher.

“Nationwide has tremendous talent and bench strength that contribute to our strong succession planning efforts,” Nationwide CEO Kirt Walker said in prepared remarks.”

Thresher began his Nationwide career in 1996 following nearly 20 years at KPMG, where the insurer noted he was responsible for the Nationwide account. Nationwide credits Thresher with helping to establish and broaden its financial services footprint, helping to take Nationwide Financial public in 1997 as its vice president of finance and treasurer. He became president of Nationwide Finance in 2004, and today, the insurer’s financial services business drives half of the company’s revenue.

Key acquisitions that took place while Thresher was CEO include its 2012 merger with Harleyville Mutual Insurance Company, which expanded its geographic reach and distribution among independent agents, the company said. Another noteworthy deal: Nationwide’s acquisition of Jefferson National in 2016, which expanded its distribution capabilities with registered investment advisors.

Walker said that Thresher “leaves an incredible legacy of strategic and people-centered leadership at Nationwide.” That legacy is also more broadly felt in wider insurance industry, he added.

Thresher’s “focus on growth and profitability, along with being a champion for professional development, diversity and inclusion, and community service, has impacted associates and community members alike throughout his 40-plus years in the industry,” Walker added.

Frommeyer’s career with Nationwide dates back to 1986, as an actuarial student. It advanced through positions of increasing responsibility, including chief actuary for financial services, chief financial officer for that organization, and most recently as chief financial officer for both financial services and property/casualty under Thresher’s leadership.

Source: Nationwide