The Richfield, Ohio, property and casualty insurer said the moves would "begin preparing the organization and its management for an orderly transition of the Company's executive management structure."
Monda, who has served as chief financial officer since joining the company in 1999, will continue to report to Chairman Alan Spachman. McGraw, who was finance chief at HMI Industries, also will report to Spachman."Our public company status and continued growth has added complexity to our financial functions requiring enhanced oversight by senior management," said Spachman. "These changes allow us to leverage Mr. Monda's extensive experience and knowledge of the Company, and through the addition of Ms. McGraw, further strengthen our executive team to meet the increasing financial and compliance demands." Kapferer "will assist during the transition of responsibilities and with year- end requirements," National Interstate added. "National Interstate will also leverage its relationship with Great American Insurance Company by using resources directed by Paul Severt, Assistant Vice President of Great American Insurance Company. Mr. Severt has previously assisted National Interstate with its accounting, reporting and Sarbanes-Oxley compliance." On Thursday, National Interstate rose 13 cents to $21.38.