Durham, NC – James H. Speed, Jr., President and Chief Executive Officer of North Carolina Mutual Life Insurance Company (NCMLIC), has announced his intention to retire effective Dec. 31, 2015. He will be succeeded by Michael L. Lawrence, Senior Vice President, Chief Financial Officer and Treasurer. Mr. Lawrence joined NCMLIC in January of 2012 as part of the Board of Directors’ corporate succession planning process.
Mr. Speed, whose role with NCMLIC has spanned nearly 14 years, made the public announcement in a town hall meeting with employees on Monday. He will continue to serve as an advisor and Board member after his retirement.
“Under his leadership North Carolina Mutual Life Insurance Company has earned a reputation as one of the nation’s most important economic icons, particularly in the insurance industry,” NCMLIC Chairman Elliott Hall said in a statement.
“The increased diversity of our product offerings coincided with shifts in the insurance and financial services sectors and kept us relevant. This is due in large part to James’ willingness to bring innovative ideas and talent to the company while significantly reducing our cost structure. As a result, North Carolina Mutual was able to survive the most turbulent economic and financial time this country and our company had seen since the Great Depression. James fostered a customer service culture that has allowed the company not only to survive but to move forward successfully. His efforts have kept the African American insurance industry at the forefront of initiatives that emphasize literacy and responsible banking.”
As CEO, Speed ushered in significant changes, altering the company’s business model with the Vision 2015 strategy. This plan has allowed NCMLIC to enhance distribution, leverage servicing platforms with technology, and increase financial services capabilities. In addition, he shepherded the 2009 transfer of the North Carolina Mutual historical archives to North Carolina Central University and Duke University.
Speed joined North Carolina Mutual as a Senior Vice President and Chief Financial Officer in 2002, while the company’s strategic plan was being developed. He helped guide that process, and in April 2003 was named acting President and Chief Executive Officer.
Lawrence is a business executive with more than 20 years of experience in the financial services industry. He has been Chief Financial Officer and Treasurer of North Carolina Mutual Life Insurance Company since January 2012. His prior experience with NCMLIC as a business advisor spans more than a decade. Prior to joining North Carolina Mutual Life Insurance Company, Lawrence served as the Chief Financial Officer and Chief Operating Officer of NCM Capital Management Group Inc., an institutional investment management firm.
Lawrence launched his career and developed his business acumen while advancing through the ranks at the international assurance and advisory firm of Deloitte and Touche. His experience crosses multiple industries while specializing in the financial services sector, including life insurance, investment advisory and banking. Lawrence serves on the North Carolina State University Investment Fund Board and has served on various nonprofit boards throughout the Raleigh/Durham area. He earned a Bachelor of Arts degree in Accounting from North Carolina State University and is a certified public accountant. He is married with four children.
North Carolina Mutual Life Insurance Company, the nation’s oldest and largest insurance company with roots in the African American community, offers a wide variety of insurance products and financial services. Since its founding 116 years ago in Durham, North Carolina Mutual has built a reputation for the personalized service it provides its policyholders.
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