Alleghany picks new CEO as Hicks' exit prompts leadership reshuffle
Alleghany Corporation's president and chief executive officer (CEO) Weston Hicks is retiring at the end of 2021, with Joseph Brandon taking the top leadership role at Transatlantic Reinsurance, RSUI and CapSpecialty parent.
Brandon, who is currently executive vice president, will succeed Hicks as CEO and be appointed to the board of directors by the end of the year. Brandon will succeed Hicks as president on April 23, 2021, following Alleghany’s 2021 annual meeting of stockholders.
Kerry Jacobs, currently senior vice president and chief financial officer (CFO), will succeed Brandon as executive vice president on the same day, while remaining as CFO until a successor is identified.
Hicks joined Alleghany in 2002 as executive vice president of finance and was appointed as a director and president and chief executive officer on December 31, 2004.
Jefferson Kirby, Alleghany’s chairman, described the “profoundly positive impact” Hicks has had on the company during his tenure in charge. “When he joined the company in 2002, Alleghany’s stockholders’ equity was approximately $1.4 billion, comprised substantially of passive assets,” he recalled. “Weston reallocated those assets into several successful acquisitions in the property and casualty industry and tapped the available free cash flow from these acquisitions to build Alleghany Capital, which now has seven platform companies.”
Kirby noted that during Weston’s tenure Alleghany’s stockholders’ equity had grown to approximately $8.8 billion by the end of 2020, after the company repurchased approximately $1.9 billion of shares and distributed approximately $0.4 billion of cash dividends to stockholders.
Brandon joined Alleghany in 2012 as its executive vice president. Hicks said: “His knowledge of the re/insurance industry is unparalleled, and his strategic, operating and financial insights have been invaluable to me and the company.”
Jacobs joined Alleghany in 2014 as vice president of finance. Brandon praised her “proven financial and business capabilities, sharp thinking and focus.”
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