Former Government Employees Insurance Co. Chairman Lorimer A. Davidson and long-time company director William K. Jacobs Jr. plan to retire from the auto insurance firm's board at the annual meeting on April 12.
Their retirements were revealed yesterday in proxy statements mailed to stockholders of two affiliates of Geico - Government Employees Life Insurance Co. and Government Employees Financial Corp., a small-loan company.
A spokesman said the two men are stepping down from the boards of all Geico's its life insurance affiliate; the finance company; and Criterion Insurance Co. a separate auto insurance firm that accepts customers considered greater risks than those accepted by Geico.
Davidson is considered one of the prime movers in the story of Geico's success - a company history that only recently included a bad chapter of near insolvency followed by a year of record profits.
He joined Geico in 1948 and served as president of all the affiliated companies. He was chairman and chief executive of Geico from 1958 to 1970. A native of Canada, an investment banker from 1924 to 1939, Davidson helped transform the insurer to public ownership in 1948.
Jacobs, a private financial consultant, also has been associated with Geico and affiliates since the late 1940s.
Fciated with Geico and affiliates since the late 1940s.
For the board of Government Employees Life, Geico Chairman John J. Byrne has been nominated to fill one seat being vacated and the board size will be reduced by one person. Through recent stock purchases, Geico now owns 56 percent of the life insurer's shares.