Lee Abruptly Resigns as Tower Group Chairman, CEO

Michael H. Lee, the chairman and chief executive of Tower Group International Ltd., has resigned from the company, effective immediately, “to pursue personal and other career opportunities,” the company announced Feb. 7.William W. Fox Jr., 72, who had resigned from the board Dec. 31, will replace Lee as president and CEO upon completion of his employment terms, while Jan R. Van Gorder, 66, the company’s lead independent director, will step in as chairman.Tower has been coping with rating downgrades and a sliding stock price related to its need to boost reserves to cover unexp...