Branchville, N.J.-based Selective Insurance Group (NASDAQ:SIGI) has a new COO.
On Wednesday, Selective Insurance announced that Chairman and Chief Executive Officer Gregory E. Murphy is relinquishing his former additional title of company President, and the company has named John Marchioni to become its new President and Chief Operating Officer. Murphy remains chairman and chief executive officer.
Marchioni will be in charge of the Actuarial, Human Resources, and Information Technology areas of Selective's business, in addition to overseeing Insurance Operations, as he has done since being named executive vice president for this division in December 2008.
In a filing with the SEC, Selective disclosed that Marchioni's new responsibilities will be compensated with a base annual salary of $725,000, plus a one-time grant of $600,000 worth of restricted stock units.