Gerova's would-be new boss withdraws

Mr. Pelino was appointed president and chairman on February 10 after the previous chairman and president Dr. Gary Hirst resigned, along with four members of the board of directors and the company’s acting CEO.

Gerova has an office in Cumberland House on Victoria Street, employs fewer than 10 people in Bermuda and is listed as a Class 3 reinsurer.

Mr. Pelino had agreed to accept the appointment subject to confirmation of certain conditions.  

Gerova and Mr. Pelino were unable to reach agreement on the terms of his appointment so he withdrew his name from consideration as chairman and president of the company.

In a press statement Gerova said it “is actively pursuing other qualified candidates”.

Pending the appointment of a new chairman and president, Gerova is being managed by Michael Hlavsa, CFO and the board of directors.

The New York Stock Exchange has contacted Gerova with regard to the unusual market activity.

Gerova said: “Although it is the company's position not to comment on unusual market activities, it has no reason to believe that the above-mentioned event had any relationship to such market activity.”

Last week Gerova also announced Keith R. Harris, CEO of Seymour Pierce Holdings, would had previously agreed to take over as chairman and CEO effective from January 1, had elected to defer his appointment.