Markel Corporation has announced that Alan Kirshner will not stand for re-election as Executive Chairman and Chairman of the Board at the company’s 2020 Annual Meeting of Shareholders in May.
Kirshner will retire as a director and officer of the company at the end of the meeting, with current Board Member and Vice Chairman Steven Markel set to succeed Kirshner as the next Chairman.
Markel has been with the company since 1975 and has been a member of its senior leadership team since the company went public in 1986, with a focus on finance and investments. He has served as Vice Chairman since 1992 and has been a director since 1978.
At the same time, Markel announced the appointment of Harold L. Morrison, Jr. to its Board of Directors, effective January 1, 2020.
Kirshner commented on the announcement: “I’m grateful to have had the opportunity to serve as Chairman of Markel these last 33 years, working alongside terrific leaders and great employees, all of whom come to work each day determined to build one of the world’s great companies.”
Joining Markel in 1960, Kirshner has since moved through a number of leadership roles with increasing responsibility, helping the company to grow from approximately $60 million in total assets to $25 billion.
He joined the Board in 1978 and became Chairman of the Board and Chief Executive Officer (CEO) in 1986 He served as CEO through 2015 and moved into his Executive Chairman role in 2016.
“Alan has led Markel with tremendous passion, honesty and fairness,” said Markel. “He has always been a visionary, challenging leadership and the organization to embrace change, to innovate, create and strive for a better way.”
He added: “And, as the lead author of The Markel Style, the company’s values statement, his purpose and principles will live on within Markel forever.”
Morrison, meanwhile, joins the Board of Markel after a 33-year career in the re/insurance industry, having retired from Chubb in December 2017.
Most recently, he served as Senior Vice President, Chubb Group and Division President, Field Operations, North America Insurance, and was responsible for managing Chubb’s field organisation in North America.
From 2008 to January 2016, Morrison served as Executive Vice President of The Chubb Corporation, Chief Global Field Officer, and took on the additional role of Chief Administrative Officer in 2011.
Morrison joined Chubb in 1984, and during the course of his career held a number of managerial and leadership positions with increasing responsibility.
“We are pleased and extremely fortunate to have Harold joining the Markel Board of Directors,” Kirshner further stated. “Harold is a proven industry leader, who brings deep administrative and operational experience on a global level to our board.”