Root Inc. has promoted Megan Binkley to CFO from the interim role and named other senior leaders.
Jon Allison, formerly general counsel, was promoted to chief administrative officer. And the Columbus digital insurer hired Jason Shapiro, formerly with ForeverCar, as senior vice president of business development.
Root's (Nasdaq: ROOT) announcements on Monday start to fill vacancies created by the firing of the former CFO and the departure of a longtime C-suite leader.
Binkley has been deputy CFO since last year, and named interim CFO in March. She joined in 2019 as chief accounting officer, coming to the company from KPMG.
Allison, who joined in 2017, continues to lead the legal department and adds oversight of personnel, insurance claims and customer service.
“We are thrilled to be promoting these two outstanding leaders,” co-founder and CEO Alex Timm said in a release. “Both have been instrumental in repositioning Root over the last year, showing strong resilience and the ability to navigate challenging times and come out positioned for success. They are experienced operators who have consistently delivered results."
Shapiro was hired from ForeverCar, where he was president. The Chicago-based seller of extended service policies was acquired in 2020.
“His deep experience in the automotive industry will allow him to hit the ground running while we continue to scale our platform," Timm's statement said.
Root Insurance Co. has one-third fewer policyholders than it had before going public in October 2020 since raising rates and dramatically cutting its marketing spending. But Timm recently said the company is ready to resume a growth strategy.
Former CFO Rob Batemen was abruptly fired in March over an alleged violation of a company policy. In a planned departure, Dan Rosenthal, COO and chief revenue officer, left the company in March after four years in leadership and six as a director.
