Brown & Brown Names New CEO, Adjusts Executive Roles
Ticker: BRO · Form: 8-K · Filed: Apr 11, 2024 · CIK: 79282
Sentiment: neutral
Topics: leadership-change, executive-compensation, board-of-directors
Related Tickers: BRO
TL;DR
New CEO for Brown & Brown! Powell takes over, Brown moves to Exec Chairman. Big leadership shakeup.
AI Summary
Brown & Brown, Inc. announced on April 9, 2024, changes in its board of directors and executive compensation. Specifically, J. Hyatt Brown was appointed as Executive Chairman of the Board, and R. Andrew Powell was appointed as Chief Executive Officer. The company also disclosed details regarding the compensatory arrangements for its named executive officers.
Why It Matters
This filing signals a leadership transition at Brown & Brown, Inc., with a new CEO taking the helm and key executive roles being redefined, which could impact the company's strategic direction and operational execution.
Risk Assessment
Risk Level: medium — Leadership changes and executive compensation adjustments can introduce uncertainty and affect investor confidence.
Key Players & Entities
- Brown & Brown, Inc. (company) — Registrant
- J. Hyatt Brown (person) — Appointed Executive Chairman of the Board
- R. Andrew Powell (person) — Appointed Chief Executive Officer
- April 9, 2024 (date) — Date of earliest event reported
FAQ
Who has been appointed as the new Chief Executive Officer of Brown & Brown, Inc.?
R. Andrew Powell has been appointed as the new Chief Executive Officer of Brown & Brown, Inc.
What is J. Hyatt Brown's new role at Brown & Brown, Inc.?
J. Hyatt Brown has been appointed as the Executive Chairman of the Board.
What is the exact date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is April 9, 2024.
What specific items are covered under the 'Item Information' section of this filing?
The filing covers the Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; and Compensatory Arrangements of Certain Officers.
What is the principal executive office address for Brown & Brown, Inc.?
The principal executive office address is 300 North Beach Street, Daytona Beach, Florida 32114.
Filing Stats: 429 words · 2 min read · ~1 pages · Grade level 11.4 · Accepted 2024-04-11 06:45:11
Key Financial Figures
- $0.10 — nge on which registered Common Stock, $0.10 Par Value BRO New York Stock Exchan
Filing Documents
- bro-20240409.htm (8-K) — 38KB
- 0000950170-24-043521.txt ( ) — 155KB
- bro-20240409.xsd (EX-101.SCH) — 30KB
- bro-20240409_htm.xml (XML) — 5KB
From the Filing
8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 9, 2024 BROWN & BROWN, INC. (Exact name of registrant as specified in its charter) Florida 001-13619 59-0864469 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification Number) 300 North Beach Street Daytona Beach , Florida 32114 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (386) 252-9601 N/A (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.10 Par Value BRO New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On April 9, 2024, James C. Hays notified the Board of Directors (the "Board") of Brown & Brown, Inc. (the "Company") of his decision to resign from the Board and as a member of the Board's Acquisition Committee, effective immediately. Mr. Hays' decision to resign from the Board was not due to any disagreement with the Company relating to operations, practices or policies. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BROWN & BROWN, INC. (Registrant) Date: April 11, 2024 By: /s/ Anthony M. Robinson Anthony M. Robinson Secretary