Taranto To Stay

Following Joseph Taranto's announcement in July that he will be leaving Everest Re, there have been further twists in the story.

Ralph Jones, the company President and Chief Operating Officer was due to take on Taranto's role of Chairman and Chief Executive upon his departure. However, it has been reported that on the 7th October Jones handed in his resignation without citing reasons for it.

Following this news Everest Re's shares fell 4%.

Joseph Taranto has lead the company since 1995 when it was created as a spin-off from the US insurer Prudential. He has now agreed to stay with the company until 31 December 2012.