After 31 years with re/insurer Markel and six years as Co-Chief Executive Officer (CEO), Richard R. Whitt III plans to retire by the end of March next year.
Whitt first joined Markel in 1991 and has held numerous senior leadership roles, including as President and Chief Operating Officer (COO) from 2010 to 2015, and as Co-CEO since 2016.
He has also served as Controller; Vice President, Treasurer and Controller; Executive Vice President and Chief Administrative Officer of Markel’s international operations; Chief Financial Officer; and Co-Chief Operating Officer.
Whitt led the company through a variety of acquisitions including Alterra, Nephila, and State National, broadening its abilities to address clients’ most complex risk needs.
“On behalf of the Board, executive leadership team and employees at Markel, we would like to thank Richie for his leadership and dedication to Markel for over three decades,” said Steven Markel, Chairman of the Board. “Throughout his career at Markel, Richie has represented Markel’s culture and values, especially honesty, fairness, and the zealous pursuit of excellence, which has led to the transformation of the insurance business into a global leader. We have never been in a stronger position.”
Whitt added: “Serving as Co-CEO of Markel and spending the vast majority of my career with this incredible company has truly been an honor. It has been a privilege working together with Tom on behalf of the whole Markel family. I am excited for the bright future that lies ahead for Markel, and I could not be more confident in turning over the reins to Jeremy to lead the insurance engine going forward.”
Upon Whitt’s retirement, Jeremy Noble, Senior Vice President and Chief Financial Officer, will take on responsibilities for leading the firm’s global insurance platform, consisting of insurance, reinsurance, program services, and insurance-linked securities (ILS) businesses. Whitt will remain with Markel in a consulting role to ensure a seamless transition.
Markel explains that Noble will retain the duties of principal financial officer until these duties are transitioned to his successor. A recruitment process for this position is underway.
Tom Gayner, who also serves as Co-CEO at Markel, will become CEO responsible for holding company strategy and oversight of Markel’s three profit producing engines of insurance, investments and Markel Ventures. Additionally, he will remain in is role as the Chief Investment Officer of Markel.
“Richie and I have been working side by side for over thirty years to build Markel into one of the world’s great companies, and I join with the rest of the Markel family in thanking him for his partnership,” said Gayner. “Over this time, we’ve grown from working with about 300 colleagues to over 20,000, and throughout that time Richie has always risen to the occasion, leading with integrity and determination throughout. Together, we congratulate him on a remarkable career and thank him for his invaluable contributions to Markel.”
Markel added: “Tom’s appointment as sole CEO upon Richie’s retirement next year reflects his excellent leadership and stewardship of Markel over the past six years as Co-CEO.
“From the time my grandfather started the business in the 1930’s until today, evolution has been key to our enduring success. Tom’s vision has enabled Markel’s continued evolution into the global holding company it is today. We are grateful for Tom’s commitment to Markel and look forward to him becoming CEO of our Company.”
