Did you see that Juan’s old company posted a $1.7b reserve strengthening hit? That means he seriously mismanaged his pricing and underwriting. No, it isn’t all “run away inflation”.
Did he disclose that or did you give him a buy out on his Everest Bonus, which probably wasn’t going to materialize? Isn’t it telling that their board is doing a make over of the executive team? You had one job…. Seriously. You pick a guy who tanked his own firm to lead USAA which is struggling to pull out of its own massive financial and compliance issues.
You do realize how it looks right? That you are paying one of your board buddies big bucks to run the very company that he oversaw as a board member. And as a board member he watched the LAST CEO failure with the Fed and OCC (and lose money) and let it all drag out for years, failing to act in a timely manner. You should all get legal counsel because you appear to have failed in your fiduciary responsibility. How can this guy lead with credibility? His first employee meeting was not that great. I don’t really think he’s up to leading us.
We are going to become a Harvard Review article…and not the good kind.