The CEO of massive insurance broker and wealth management outfit NFP will be stepping down in May, according to a filing with the SEC.
Jessica M. Bibliowicz will be leaving her post as the chief executive of National Financial Partners Corp. after the first quarter.
In a Nov. 20th 8-K filing with the Securities and Exchange Commission, the firm posted notice that Ms. Bibliowicz gave notice of her voluntary resignation on Nov. 16, to take effect on May 17. Currently the chairman of NFP’s board of directors, Ms. Bibliowicz will serve as the non-executive chairman of the board from 2013-2014, but she won’t stand for re-election to the board at the end of the term.
Douglas W. Hammond, chief operating officer and president of NFP, is expected to become the CEO of the firm in April.
“The most important thing for a CEO to think of is their succession plan and to make sure that companies have the ability to keep evolving and be the best they can be,” said Ms. Bibliowicz.
A 16-year veteran of the company, Ms. Bibliowicz worked with Mr. Hammond for most of that time. “When you watch an executive develop like that, when you stress test their readiness, at some point it makes sense to hand over the leadership and let them go on,” she added, noting that while she is not sure what she’ll do after leaving NFP, she is not retiring.
Mr. Hammond “has been very articulate about the vision of the company and the focus on the corporate benefits side, wealth management, building revenue and operating as one NFP,” Ms. Bibliowicz said.
Notice of her impending departure arrives on the heels of what has been a busy year for the firm, at least in the way of acquisitions. Last summer, the firm snapped up Fusion Advisor Network, adding 240 reps and advisers who brought in $60 million in revenue in 2011. NFP has also bolstered its high-end property & casualty insurance services with a series of new additions, including Lane McVicker LLC, a p/c provider specializing in high-net-worth clients with an annualized revenue of about $8 million.
