Boston, MA 05/02/2014 (wallstreetpr) – Recently, The Progressive Corporation (NYSE:PGR) has announced certain changes related to its management. These changes will take place in the year 2015. The Progressive also reported the results for the first quarter of the year 2014. The results have turned out to be favorable for the company. There has been a growth in the revenues of the company as compared to the previous year.
Change can be good
The Progressive has announced that the company’s Chief Financial Officer, namely, Brian Domeck, would be retiring in the year 2015, just after The Progressive Corporation (NYSE:PGR)’s Annual Shareholders’ Meeting in May. But he would continue to work for the Progressive for the early part of the year 2015, till the financial statements of the company are released for the year 2014, the company reported. The Chief Executive Officer, namely, Glenn Renwick, of the company said that the Progressive wanted to thank Mr. Domeck for his thirty years of service to the company.
He also said that the Progressive could not have expected for a better CFO than him. The CEO expressed his sadness over the fact that Mr. Domeck would be leaving the company but expressed happiness for the CFO and his wife.It was also reported that the next Chief Financial Officer of the company would be John Sauerland. Currently, Mr. Sauerland will continue to work as the President of the Progressive’s Personal Lines Group. He would also be preparing himself for taking over the responsibilities of the CFO.
Results reported
The Progressive has announced the results for the first quarter of the year 2014 with an earning per share equal to $0.54, which has shown a 5% increase as compared to the EPS of Q1 of the year 2013, which was reported to be $0.51. The net income has been reported by The Progressive Corporation (NYSE:PGR) to be $321.3 million, which has also shown an increase by about 4% as compared to the previous year’s net income, which was $308.6 million.
