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Letter to the Editor

Safeco CFO Christine Mead to Retire at Year-End

Safeco said Mead previously disclosed plans to step down, and noted the search for a new CFO is well underway. The company said it plans to announce Mead's replacement after its board picks a new CEO.

"Chris delivered on the initiatives she tackled with remarkable insight and diligence," said Safeco Chairman and CEO Mike McGavick. "All who care about Safeco owe a debt of gratitude to Chris for her leadership in helping set the company on its current path of profitable growth. We look forward to her continued presence and contributions through the end of this year."

Upon her retirement, Mead plans to circle the globe via bicycle, traveling from London, England to Sydney, Australia.

"I have an opportunity of a lifetime to pursue my dream to experience the world in a unique way," she said. "Between now and then, I will do all I can to help with the transition to a new CEO and to support the company's next chief financial officer."

Mead joined Safeco in January 2002 as senior vice president and chief financial officer.

In July, Chairman and Chief Executive Mike McGavick said he planned to exit the CEO post on Aug. 31. The company said he will remain chairman and will help the transition period at least through year-end.

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