Russell R. Oliver to Retire as President of Texas Mutual Insurance Company

Feb 19, 2009, 15:31 ET from Texas Mutual Insurance Company

AUSTIN, Texas, Feb. 19 /PRNewswire/ -- Russell R. Oliver, president of Texas Mutual Insurance Company since 1995, is retiring from the company at the end of August 2009, Texas Mutual announced Feb. 19 (today).


"I am very proud of Texas Mutual and our accomplishments, but it is time for me to move on to a new phase of my career. I will retire from Texas Mutual, but I plan to find other opportunities to keep me occupied," Oliver said.

Oliver notified the Board of Directors last month of his decision to retire this summer. Two years ago, Texas Mutual launched the Executive Management Succession Planning Project to prepare for the eventual retirement of Oliver, as well as other Texas Mutual executives. A timetable for hiring Oliver's replacement has not been set.

"In announcing my retirement plans at this point, my hope is to allow the Board of Directors sufficient time to complete their due diligence efforts in evaluating and selecting a successor as president of Texas Mutual, as well as to allow for a smooth adjustment and transition process for everyone," Oliver said.

"I look forward to continuing to work with the Texas Mutual team on the many efforts that have made Texas Mutual so successful," Oliver said. "I intend to be fully engaged, as there are a number of important issues we will be addressing over the next few months."

Oliver said being president of Texas Mutual has been challenging and rewarding, and has been the high point of his career. Oliver joined Texas Mutual as general counsel in 1994; the next year, he was named president. He is a graduate of The University of Texas School of Law and spent many years in private and governmental practice. Oliver served 26 years with the Judge Advocate General's Corps of the U.S. Naval Reserve, retiring at the rank of Captain.

"I am very proud of the progress we have made at Texas Mutual in building a strong, customer-focused company," Oliver said.

"We have had extensive discussions over the past several months about Texas Mutual's financial strength--strength that will see us through the current economic and financial crises," he added. "More important is the strength of the Texas Mutual team--the people who make the right things happen for our customers, day in and day out. Our team is what has made Texas Mutual successful and will carry the company through many successful years in the future."

About Texas Mutual Insurance Company

Austin-based Texas Mutual Insurance Company is the state's leading provider of workers' compensation insurance, with approximately 25 percent of the market. Since 1991, the company has provided a stable, competitively priced source of workers' comp insurance for all Texas employers. Preventing workplace accidents and minimizing their consequences is a major part of Texas Mutual's mission.

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SOURCE Texas Mutual Insurance Company