Markel reveals new solo CEO as hunt for CFO continues amid C-suite shake-up
Markel Corporation has been preparing for a leadership transition for some time and has now finally revealed its next solo chief executive officer (CEO), effective January 1, 2023, replacing Richard Whitt III. A search for a new chief financial officer (CFO) is underway and interim plans are in place should a candidate not be selected by January 1.
Thomas Gayner, currently Co-CEO, will become sole CEO of the Markel Corporation on January 1 upon the retirement of Co-CEO Whitt. Also effective on that date, Jeremy Noble, senior vice president and CFO, will become president of Markel's global insurance engine.
As solo CEO, Gayner will be responsible for leading the growth of Markel's group of businesses and investments, which are organised as three engines of insurance, investments, and Markel Ventures, as well as ensuring that capital flows to the best opportunities to create long-term value.
As president of insurance, Noble will be responsible for the strategy, oversight, and operation of Markel's global insurance engine, which includes the company's insurance and reinsurance operations, State National, and Nephila. Noble has been working closely with Whitt and leaders across the insurance business to ensure a seamless transition.
Markel continues its search for a successor to Noble as senior vice president and CFO, but noted that interim plans are in place should a candidate not be selected by January 1, 2023.
"This is an exciting time for Markel," said Gayner. "Since our founding in 1930, each evolution and every leadership transition has reinforced the role that culture plays in our success. The Markel Style is more than just words on a page, it's who we aspire to be. We applaud Richie for his role in upholding the Style throughout his time at Markel. We are going to deeply miss him and what he has meant to this organisation, and we wish him well in his retirement."
Noble said: "I am humbled and excited to take on this role and build on the strong foundation Richie created for Markel's global insurance operations. We aspire to be the leading global specialty insurer, and thanks to Richie's leadership, we have an incredibly talented team with deep industry expertise and a broad array of capabilities to effectively meet our brokers and clients risk management needs. Looking ahead, we are eager to unlock even greater value by embracing opportunity and striving for even better solutions for our customers."
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