According to a statement filed with the Securities and Exchange Commission (SEC) and Shai Wininger will reassume the role of president, while Daniel Schreiber will return to his former position as CEO. The decision was made by the company’s board of directors on December 18th, following the expressed preference of Wininger and Schreiber to revert to the positions they previously held within the company.
The changes have occurred at the point in which Lemonade’s platform reported its two million-customer milestone and the insurtech has also paved a path to profitability – which will be realised via automation and other technology that helps spur growthLemonade also achieved its second million customers at a rate 35% faster than the acquisition of its initial million in 2020, as reported by the company on November 8.
According to reports, the executives said: “they believe that the clarity this structure provides outweighs the benefits of the Co-Chief Executive Officer structure,” per the filing. Wininger and Schreiber served as co-CEOs for 2½ years.“
No changes will be made to Wininger’s or Schreiber’s compensatory arrangements in connection with the appointments, and both founders will continue to serve as members of the company’s board of directors, the statement confirmed.
Wininger said: “We’ve doubled our customers while increasing our premium by 3.5x. This is indicative of the strong progression of the business in recent years, and outlines a clear path to profitability.”
