After leading the company since 1997, Douglas May is retiring as chief executive officer of RVI Group.

The retirement was effective Sunday. 

RVI also announced that it will have co-CEOs to succeed May: Daniel Egan and Michael McGroarty. May will remain in an advisory capacity and continue as a member of RVI’s board of directors.  

RVI noted that it became “the preeminent insurer of residual values,” under May’s tenure as chief executive officer. During that time, the company said, it “profitably insured” more than $76 billion of asset values.

With RVI since 1996, Egan previously served the company in the roles of co-chief operating officer and chief risk officer. For many years before that, he oversaw RVI’s commercial equipment business.

McGroarty served as co-chief operating officer with Egan. He oversaw RVI’s commercial real estate and legal departments and served as general counsel. McGroarty has been with RVI since 2007.

“I want to express my deep appreciation for [May’s] invaluable leadership, commitment and contributions to RVI during his tenure,” Michael Pruzan, chairman of the board of directors, said in a news release.

“Doug will be greatly missed, but he has ensured we are well-positioned to move forward with two high-caliber leaders at the helm,” Pruzan continued. “[Egan and McGroarty] 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.”