General American Investors Company, Inc. announced that at a directors' meeting held on December 12, 2012, Spencer Davidson announced his intention to retire as Chief Executive Officer and Portfolio Manager of the company, as of December 31, 2012; he will continue to serve the company as Chairman of the Board of Directors. On February 1, 2012 he was succeeded as President by Mr. Jeffrey W. Priest. In addition to his position as President, Mr. Priest was elected on December 12, 2012, to succeed Mr. Davidson as Chief Executive Officer and Portfolio Manager, effective January 1, 2013.

Mr. Priest joined the Company in October 2010 and has spent his entire twenty-six year business career in the investment management and financial services industry. He has also served the Financial Accounting Standards Board as a member of the Emerging Issues Task Force on Acquisition Accounting as well as a contributor on a number of other projects. It was further announced that Ms. Carole Anne Clementi will retire as Corporate Secretary of the company on December 31, 2012, and that Mrs. Maureen E. LoBello will succeed her in such capacity.

Mrs. LoBello joined General American in 1992, has had a variety of administrative responsibilities and is currently Assistant Corporate Secretary. She is a member of the Human Resources Association of New York and the Society for Human Resource Management. It was also announced at December 12, 2012's meeting that Mr. Craig Grassi be appointed Vice-President of the Company effective January 1, 2013.

Mr. Grassi joined the Company in 1991 and has filled various administrative, technical and analytical positions with increasing responsibilities over the years. He is currently Assistant Vice-President of the company.