Kathy Bardswick, president and CEO of The Co-operators, announced her retirement on Friday, after 14 years in the role. The board of directors will initiate recruitment activities after the organization’s annual general meeting in April.
“I have worked alongside the very best in the insurance industry and co-operative sector,” Bardswick said in a statement. “I am proud of what we have built together and so very fortunate to have had the opportunity to lead an organization that provides valuable financial security to Canadians and their communities.”
During Bardswick’s tenure, The Co-operators has expanded both through acquisitions and organic growth.
“Under Kathy’s guidance, The Cooperators has prospered and is recognized today as a leader in the Canadian insurance industry, as well as the cooperative sector,” said John Harvie, chairperson of The Co-operators board of directors. “Her fundamental belief that the world needs organizations that follow ethical business practices, and incorporate sustainable, responsible decision-making, has had a significant impact on our organization and the communities in which we serve.”
Bardswick has led a transformation of the organization as it adopted more sustainable business practices, the statement noted.
On Thursday, the Co-operators reported that its consolidated net income for the fourth quarter of 2015 increased to $103.3 million from $79.7 million in the prior-year quarter. For 2015, consolidated net income again was up, rising to $162.3 million from $137.6 million in 2014.