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Denver-based Van Gilder Insurance Corp. has accepted former CEO Michael Van Gilder's resignation, according to company statement.
Mr. Van Gilder had been on an indefinite leave of absence from the family-owned insurance brokerage while addressing his recent indictment on insider trading charges. He stepped down as CEO and as a member of the board of directors in October 2012.
“Although Michael's personal legal challenges are unrelated to Van Gilder Insurance Corp., the board has agreed it is in the company's best interest to accept Michael's resignation,” Don Woods, president of Van Gilder Insurance, said Monday in a statement.
“Van Gilder Insurance Corp. continues under a strong, stable leadership team including the company's president, Don Woods, and Chief Financial Officer Ed Harrington,” board Chairman Dell Van Gilder Jr. said in the statement. “Our top priority continues to be serving our clients with integrity and best-in-class risk management solutions, as we have for nearly 110 years.”
According to a Feb. 22 filing in U.S. District Court in Denver, Mr. Van Gilder intends to plead guilty in March to one count of securities fraud in connection with illegally profiting from a December 2007 purchase of stock in Delta Petroleum Corp. just before a private investment firm owned by billionaire Kirk Kerkorian acquired a 35% stake in the oil and gas exploration company.
Van Gilder Insurance, a privately held insurance brokerage with more than 130 employees, ranked as the 94th-largest broker of U.S. business with $20.4 million in 2011 revenues, according to Business Insurance's latest ranking of U.S. brokers.
Denver insurance executive Michael Van Gilder has agreed to plead guilty to a single charge of securities fraud in the insider-trading case filed against him last year, court filings show.