Seattle-based pet insurance company Trupanion Inc. (Nasdaq: TRUP) is welcoming a familiar face as its new CEO.
Founder and former CEO Darryl Rawlings stepped down Aug. 1 and longtime Trupanion employee Margi Tooth has been named as his successor. Rawlings will remain chair of the board, according to an April regulatory filing, and he will do consulting work to develop Trupanion's pet food program.
"I'm excited to lead Trupanion in this journey and am forever grateful for the support and mentoring from Darryl and the board, and I look forward to our partnership moving forward," Tooth said in a May news release.
Tooth has served as head of marketing, chief marketing officer and chief revenue officer during her 11-year tenure at Trupanion. She became co-president at the company in January 2021 and then president in February 2022. Before joining Trupanion, she spent more than seven years at the insurance and asset management company Allianz.
Tooth, who was part of the Business Journal's 40 Under 40 class in 2017, will retain her role as president in addition to the CEO title. Trupanion's board in July approved her appointment as a director at the company.
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Rawlings founded Trupanion in 1998. The company says it now insures more than 1 million cats and dogs in the U.S., Canada, Europe, Puerto Rico and Australia. According to Trupanion's website, the company has paid more than $2 billion in vet bills.
Trupanion moved its headquarters from Canada to Seattle in 2005, and it went public in 2014. The company moved to its Georgetown headquarters about eight years ago and bought the building at 6100 Fourth Ave. S. for $65 million in 2018.
As of the end of last year, according to a regulatory filing, Trupanion had 1,142 employees. The company generated $306.1 million in revenue during the first quarter, up 19% year over year.
Trupanion is suing the co-founder of BabelBark, an app Trupanion acquired in 2020, alleging the BabelBark co-founder, Roy Stein, stole trade secrets and violated certain agreements when Stein left for a competitor. That case has a trial date set for May, according to King County records.
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