Markel lifts unit CFO to group C-suite to further group integration
Markel Group will lift a top executive from its insurance lines to the group C-suite as it continues to “reshape the nature and structure of the holding.”
Brian Costanzo, currently chief financial officer of Markel's insurance business, has been named chief financial officer for the larger group, replacing the outgoing Teri Gendron. Costanzo will maintain his role as CFO of the insurance business. Gendron’s sudden departure was not the result of any disagreement with the company, Markel management insisted in a separate market filing.
Markel describes the move as a consecutive step in attempts this year “to further define the nature and structure of the holding company” on the company's journey “to take full advantage of the three-engine system” of insurance, investment, and Markel Ventures operations.
Costanzo has been with Markel Group for 14 years, including four years as controller, two years as chief accounting officer, and most recently as CFO of insurance. Markel credits him with “a substantial track record leading high-performing finance teams and ensuring financial discipline.”
As part of this transition, Meade Grandis, currently managing director of accounting policy and reporting, will be named chief accounting officer and controller of Markel Group. She has been with the company for 13 years and has more than 20 years of experience in financial reporting, accounting, and audit.
Costanzo will receive an annual base salary of not less than $500,000, subject to annual review and be eligible for an annual cash incentive bonus, subject to performance conditions, with a target value equal to not less than 100% of base salary. Costanzo will also be eligible for an annual equity incentive award with a target grant date value equal to not less than 100% of base salary.
Tom Gayner, Markel’s CEO, commented: “Brian is a proven leader who will ensure our financial discipline and help drive long-term profitable growth. I want to thank Teri for her contributions in helping us evolve the CFO function at the holding company level.”
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