Two executives leaving Erie Indemnity

Erie Indemnity Co., which provides management services to members of the Erie Insurance Group, said Thursday both its chief financial officer and its executive vice president of human development and leadership are leaving the company.

CFO Philip Garcia will leave no later than April 30, after he signed an agreement to remain with the company until it concludes its search for a new president and chief executive officer.

Erie Indemnity struck the agreement to ensure some continuity during a search and transition period.

Garcia has served as CFO for the past 11 years and worked at Erie Indemnity for 27 years.

Michael Krahe will leave his post as EVP July 17. He was worked for Erie Indemnity for more than 21 years. Krahe is leaving the company to pursue other interests.

Erie Indemnity said, based on separation agreements, it will make payments to the two totaling about $2.4 million, or 3 cents per share.

Of that amount $1 million, or 1 cent per share, will be recorded during the second quarter. The remaining costs will be taken over the course of Garcia's last months of employment.

Erie shares fell 33 cents to $46.83 in trading after the opening bell.