Markel Corp. said current co-CEO Thomas S. Gayner will become the sole CEO upon the retirement of co-CEO Richard R. Whitt III on January 1, 2023.
Markel in May announced the anticipated retirement of Whitt by the end of March 2023, and the intention to appoint Gayner CEO. This latest announcement establishes a firm date for the transition.
Also effective Jan. 1, Markel said, Jeremy A. Noble will become president of Markel’s global insurance engine. Noble is currently senior vice president and chief financial officer. In his new role Noble will be responsible for the strategy, oversight, and operation of Markel’s global insurance platform, 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.
Gayner as CEO will become responsible for holding company strategy and oversight of Markel’s three profit producing engines of insurance, investments and Markel Ventures. He also will continue in his role as the chief investment officer of Markel, the company said in May.
Markel said all of its businesses share a company culture that it calls “Markel Style,” and Gayner will be responsible for the perpetuation of that culture.
“Since our founding in 1930, each evolution and every leadership transition has reinforced the role that culture plays in our success,” Gayner said in a statement. “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 organization, and we wish him well in his retirement.”
Markel said it continues its search for a successor to Noble as SVP and CFO, and interim plans are in place should a candidate not be selected by Jan. 1.
Related: Markel Q3 Income Drops on Investments but Insurance ‘Solidly Profitable’
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