info@ceoworld.biz
Friday, March 29, 2024
CEOWORLD magazine - Latest - Banking and Finance - PCF Founder, Chairman & CEO Steps Down From His Role as CEO

Banking and Finance

PCF Founder, Chairman & CEO Steps Down From His Role as CEO

Insurance Authority IA

PCF Insurance Services has revealed that its Founder, Chairman, and CEO, Peter C. Foy, is transitioning out of his CEO position. Foy has designated the current CFO and COO, Felix Morgan, to take over as the new CEO.

While retaining his role as the Chairman of PCF’s board of directors, Foy will be broadening his involvement as a company ambassador. This expansion includes a focus on nurturing internal and external relationships and providing support for the company’s mergers and acquisitions initiatives, according to a news release from PCF.

Morgan, who boasts over two decades of leadership experience, holds expertise in mergers and acquisitions, private equity, and capital markets.

With over 35 years in the industry, Foy’s history includes founding the benefits agency Peter C. Foy & Associates in 1987, swiftly establishing it as one of the largest insurance agencies in the greater Los Angeles area. Over time, Foy expanded the business through strategic partnerships with other entrepreneurs and agencies, culminating in the formation of PCF Insurance Services in 2017.

In 2018, PCF initiated its growth journey with its inaugural acquisition, propelling its expansion. By the close of 2022, the firm had completed 215 acquisitions.

Both Foy and Morgan led PCF through a successful management-led buyout from its investors in 2021, achieving a valuation of $2.2 billion. Earlier this year, in February, they secured a $500 million private equity investment, marking PCF’s valuation at $4.7 billion at the time of the investment.

In August, the company secured an additional $400 million in financing to expedite its M&A strategy. In September, PCF disclosed its acquisition of Florida-based Allied Marketing Insurance Group. Earlier in the year, the company announced the appointment of Rocky Steele as senior vice president of legal and compliance.

 

Have you read?
Countries With The Highest And Lowest Average Salaries, 2023.
Best Fashion Schools In The World.
Best Business Schools In The World.
The World’s Best CEOs And C-Suite Executives, 2023.
World’s Most Influential and Innovative Companies.
World’s Best Hospitality And Hotel Management Schools.


Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.

This report/news/ranking/statistics has been prepared only for general guidance on matters of interest and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, CEOWORLD magazine does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.


Copyright 2024 The CEOWORLD magazine. All rights reserved. This material (and any extract from it) must not be copied, redistributed or placed on any website, without CEOWORLD magazine' prior written consent. For media queries, please contact: info@ceoworld.biz
SUBSCRIBE NEWSLETTER
CEOWORLD magazine - Latest - Banking and Finance - PCF Founder, Chairman & CEO Steps Down From His Role as CEO
Anna Siampani
Anna Siampani, Lifestyle Editorial Director at the CEOWORLD magazine, working with reporters covering the luxury travel, high-end fashion, hospitality, and lifestyle industries. As lifestyle editorial director, Anna oversees CEOWORLD magazine's daily digital editorial operations, editing and writing features, essays, news, and other content, in addition to editing the magazine's cover stories, astrology pages, and more. You can reach Anna by mail at anna@ceoworld.biz