Courtesy / MEMIC Group
Eileen Moran Fongemie was promoted to chief financial officer of MEMIC.
April 28, 2022
MEMIC promotes 15-year company veteran to CFO
By Jessica Hall
MEMIC Group, a Portland-based workers compensation insurance company, has promoted Eileen Moran Fongemie to the position of senior vice president and chief financial officer.
Fongemie, who will be only the third CFO in MEMIC’s history, will also assume the role of corporate treasurer. Her new role is effective May 1.
Fongemie joined MEMIC in 2007 and has served as vice president of finance, since 2016. She succeeds senior vice president and CFO Dan McGarvey, who announced his retirement last month after 13 years with MEMIC.
MEMIC President and CEO Michael Bourque said Fongemie has “broad knowledge of the organization and of all the important financial aspects of the job.”
Bourque said she helped guide the company through an impressive growth trajectory and has been “a key contributor to MEMIC’s transformation into a super-regional workers’ compensation insurer.”
Fongemie is a certified public accountant. She rose from senior accountant in 2007, to financial reporting manager in 2010, to director of finance in 2014, and to her vice president role in 2016.
Prior to MEMIC, she was a senior financial analyst for MaineGeneral Health and spent five years in public accounting with BerryDunn.
“Dan and the current leadership team have built a strong foundation,” Fongemie said. “I am excited to keep the momentum going and step into the CFO role at MEMIC to help the group continue executing its strategic plan and vision, and to deliver MEMIC values to our key stakeholders.”
“Dan leaves us with a talented finance team, a strong balance sheet, and a legacy of well-articulated financial performance,” Bourque said. “When he arrived here, we were a lot smaller organization than we are today. He has seen us through impressive growth and maturity as an organization. He has been a key to our success over the last decade, and we know he will enjoy a well-earned retirement.”
MEMIC provides insurance in 46 states and covers a total of more than 22,000 employers and an estimated 300,000 employees. The company employs over 450 people at its Portland headquarters and seven other East Coast offices.
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