RVI Group has announced that Douglas H. May, effective March 31, 2019, is retiring from his role as CEO which he has held since 1997. Under May’s tenure as CEO, RVI became the preeminent insurer of residual values, having profitably insured more than $76 billion of asset values. May will continue on in an advisory capacity and remain a member of RVI’s board of directors.

The RVI board of directors is pleased to announce that Daniel Egan and Michael McGroarty are succeeding May as co-chief executive officers.

Egan, who has been with RVI since 1996, has previously served the company as co-chief operating officer, as chief risk officer, and for many years prior, was responsible for running RVI’s Commercial Equipment business. McGroarty, who has been with RVI since 2007, served alongside Egan as co-chief operating officer, led RVI’s Commercial Real Estate and Legal departments and served as general counsel.

“I want to express my deep appreciation for Doug’s invaluable leadership, commitment and contributions to RVI during his tenure,” said Michael Pruzan, chairman of the board of directors. “Doug will be greatly missed, but he has ensured we are well positioned to move forward with two high caliber leaders at the helm. Dan and Mike have extensive knowledge and experience, as well as the right operational capabilities to deliver on the company’s goals. We are confident in their ability to execute on the company’s strategy and look forward to RVI’s continued success under their leadership.”