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Crawford chief to step down

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Jeffrey Bowman is stepping down after nearly eight years at the helm of Crawford & Co., the claims manager said Monday.

Mr. Bowman, 61, worked for the Atlanta-based firm for more than 24 years, the last eight as president and CEO. Crawford would not comment on the reason for Mr. Bowman’s departure.

“After nearly eight intense and challenging years as president and CEO, I have agreed with the board to step down,” he said in a statement.

Crawford has seen its profit fall over the past two years as benign natural catastrophe seasons have reduced the need for some of its claims services.

Crawford board member Harsha Agadi has been appointed interim CEO while the board conducts a search for a permanent CEO that is expected to take several months, Crawford said in the statement. Mr. Agadi is the chairman and CEO of Farmington, Michigan-based GHS Holdings L.L.C., an investing and consulting business, and has been a member of the Crawford board of directors since 2010.

“I am extremely proud of what the management team has achieved in this time and where we have positioned the company for the future,” Mr. Bowman said in the statement. “The company is going through a significant transformation this year in a challenging industry environment, and I wish all the great employees working at Crawford the best of luck in the future.”

Crawford is the second-largest third-party administrator, according to Business Insurance's latest ranking, with $1.22 billion in 2014 gross revenue.