Thomas Marra is replacing Randall Talbot as president and chief executive officer of Symetra Financial Corp. (NYSE:SYA).
Symetra, Bellevue, Wash. (NYSE:SYA), is the parent of Symetra Life Insurance Company, a life and annuity company that raised about $365 million in January by holding an initial public offering of stock.
The company reported $46 million in net income for the first quarter on $453 million in revenue, up from $5.1 million in net income on $379 million in revenue for the first quarter of 2009.
The board of Symetra decided to bring in Marra because he was available, and because board members decided Marra could “take the company to new heights,” according to Symetra Chairman Lon Smith.
“Randy has taken [the company] to a great position in the industry, and he’s really done a nice job,” Smith said today during a company teleconference.
But directors have been thinking about making a change for awhile, Smith said.
“Tom is a known quantity,” Smith said during the teleconference. “He’s a good guy.”
Talbot, who has led Symetra for 12 years and managed it through the IPO, did not leave because of any financial reasons or any personnel issues, Smith said.
Talbot says in a statement issued by Symetra that it has been an honor to lead the company.