Weston Hicks, President and Chief Executive Officer (CEO) of Alleghany Corporation, has announced his intention to retire from his position and as a director of the company at the end of 2021.
Hicks will be succeeded as CEO by Joseph Brandon, currently Executive Vice President (EVP), who will also join the Board of Directors, effective year-end 2021.
Additionally, Brandon will take on the role as President of Alleghany on April 23rd, 2021, upon the closing of the company’s 2021 annual meeting of stockholders.
It’s also been revealed that Kerry Jacobs, currently Senior Vice President (SVP) and Chief Financial Officer (CFO), will take over from Brandon as EVP of Alleghany on April 23rd, while maintaining her responsibilities as CFO until a successor is found.
Hicks joined Alleghany in 2002 as EVP-Finance and was added as a company director and President and CEO at the end of 2004.
“In his almost 19 years at Alleghany, Weston has had a profoundly positive impact. When he joined the company in 2002, Alleghany’s stockholders’ equity was approximately $1.4 billion, comprised substantially of passive assets. 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,” said Jefferson W. Kirby, Chairman of Alleghany.
“During Weston’s tenure, Alleghany’s stockholders’ equity has grown to approximately $8.8 billion at year-end 2020, after repurchasing approximately $1.9 billion of shares and distributing approximately $0.4 billion of cash dividends to stockholders. He also led Alleghany through two of the most challenging times in its history, the Great Recession and, more recently, the uncharted territory resulting from the global COVID-19 pandemic. Alleghany has been fortunate to have a President and Chief Executive Officer of his caliber. On behalf of the Board and the entire Alleghany organization, I thank him for his many contributions to the company,” he added.
Hicks commented: “Since becoming part of Alleghany, Joe and I have worked closely as partners overseeing Alleghany’s insurance and reinsurance operations, as well as on corporate strategy matters. His knowledge of the re/insurance industry is unparalleled, and his strategic, operating and financial insights have been invaluable to me and the company. The Alleghany Board of Directors and I are confident that Joe will bring his expertise and insights to all of Alleghany’s businesses and is the right person to lead Alleghany in the coming years.”
Brandon added: “Kerry is a proven leader with strong business acumen, and I very much look forward to working with her in her new expanded role as a senior operating leader of Alleghany. Kerry’s proven financial and business capabilities, sharp thinking and focus will be a benefit to the company and help me significantly in my new role at Alleghany.”