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Hanover finds replacement for new CEO's old job

November 7, 2017
Richard Lavey joined The Hanover in 2004.

The Hanover Insurance Group in Worcester has promoted a longtime executive to president of its personal and core commercial lines businesses, as well as field operations, filling the position formerly held by the company's new CEO.

Richard Lavey was announced as the new president of Hanover Agency Markets late Tuesday, with his appointment effective immediately.

Lavey replaces John Roche, who was promoted to president and CEO as of Nov. 4. Roche himself replaces Joseph Zubretsky, who left The Hanover after just 16 months, a period of time that included a drop in net income of 53 percent from 2015 to 2016.

Earlier this month, The Hanover said income was down by 87 percent in the third quarter due at least in part to hurricanes Harvey, Irma and Maria.

Lavey joined The Hanover in 2004 and was previously the company's executive vice president, chief marketing officer and chief growth innovation officer. He has been a member of the company's executive leadership team since 2009.

Lavey is a College of the Holy Cross graduate who also has a master of business administration degree from Harvard Business School. He previously worked for two other insurance companies, The Hartford and Travelers.