Hanover Insurance CEO to step down

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By Sam Bonacci

Frederick H. Eppinger announced Tuesday that he will step down as the president, CEO, and a director of the Hanover Insurance Group, headquartered in Worcester.

Eppinger will continue on until a successor is appointed and be available in the transition through June 30, 2016, according to a release. The board has initiated a search for Eppinger's replacement. Eppinger, 56, has led the company since August 2003.

"After 12 years of tremendous progress, with the company stronger and better positioned than ever, and with a history of substantial shareholder returns, I have decided that it is time for a new leader to step in … I look forward to new professional opportunities, to spending some extra time with my family, and to pursuing some personal interests,” Eppinger said in a statement.

During his time at the company, Hanover has extended its reach globally, according to the statement, and more than doubled in size. In the most recent quarter, Hanover’s profits soared more than 21 percent, helped by a 4.4-percent rise in revenue compared with the first quarter of 2014. Revenues grew to $1.29 billion in the first quarter of 2015, from $1.24 billion in the first quarter of 2014.

"Fred made extraordinary contributions to The Hanover during what was a critical period and he has positioned our company for the future with a distinctive strategy and distribution platform, a highly experienced team, and a growing global presence," Michael P. Angelini, chairman of the board at The Hanover, said. "We appreciate all that Fred has done for our organization and wish him all the best. We remain confident in our ability to achieve our financial goals as we continue to deliver value to all of our constituents," Angelini said.