CRAWFORD Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 15, 2020, effective as of the conclusion of the 2020 Annual Meeting of Shareholders of Crawford & Company (the “Company”), the Board of Directors (the “Board”) unanimously approved an increase in the size of the Board to 11 members and unanimously appointed Rohit Verma, age 45, the Company’s Chief Executive Officer, and Joseph Blanco, age 49, the Company’s President, as employee directors of the Company to fill the vacancies created by the increase in the size of the Board. As previously disclosed, Messrs. Verma and Blanco were promoted to Chief Executive Officer and President, respectively, effective as of May 15, 2020, and the terms of their compensation arrangements and employment with the Company were previously disclosed in a Current Report on Form 8-K on April 27, 2020.
Messrs. Verma’s and Blanco’s terms on the Board will expire at the Company’s 2021 Annual Meeting of Shareholders, at which time they will stand for re-election to the Board by the Company’s shareholders. Mr. Verma will serve on the Board’s Executive Committee, but otherwise, Messrs. Verma and Blanco will not serve on any committees of the Board. As employee directors, they will not be entitled to receive compensation applicable to non-employee directors of the Company.
There are no arrangements or understandings between Mr. Verma, Mr. Blanco, and any other persons to which they were named as directors of the Company. There have been no transactions since the beginning of the Company’s last fiscal year, and there are no currently proposed transactions, in which the Company was or is to be a participant and in which Mr. Verma, Mr. Blanco, or any member of their respective immediate family had or will have any interest, that are required to be reported under Item 404(a) of Regulation S-K.
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About CRAWFORD & COMPANY (NYSE:CRD.A)
Crawford & Company (Crawford) is an independent provider of claims management solutions to the risk management and insurance industry, as well as to self-insured entities. The Company’s Crawford Solution offers claims services, business process outsourcing and consulting services for various product lines, including property and casualty claims management; workers’ compensation claims and medical management, and legal settlement administration. Crawford conducts its operations through four segments: U.S. Services, which primarily serves the property and casualty insurance company markets in the United States; International, which serves the property and casualty insurance company, and self-insurance markets outside the United States; Broadspire, which serves the self-insurance marketplace, primarily in the United States, and Garden City Group, which serves the class action, regulatory, mass tort, bankruptcy and other legal settlement markets, primarily in the United States.