Major leadership shake-up at Markel, co-CEO to exit after 31 years

Markel co-chief executive officer (co-CEO) Richard Whitt (pictured) has decided to hand over the reins of its insurance engine to chief financial officer (CFO) Jeremy Noble and retire from the business by the end of March 2023, triggering a major leadership reshuffle at the company.

Whitt will step down as co-CEO, the role he has held for the last six years, and retire at the end of March 2023 after 31 years with Markel.

Upon Whitt's retirement, Thomas Gayner, co-CEO of Markel, will become chief executive officer, and Noble, currently SVP and CFO, will assume leadership of Markel’s global insurance platform operations, reporting to Gayner.

Gayner will become responsible for the holding company’s 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.

Whitt and Noble will work closely together to ensure a smooth transition of insurance engine responsibilities. Noble will retain the duties of principal financial officer of the company until these duties are transitioned to his successor. Markel said a recruitment process for this position is underway.

Furthermore, Michael Heaton, president of Markel Ventures, will assume the newly created role of executive vice president of Markel, with managerial responsibility over holding company functions. Andrew Crowley, executive vice president of Markel Ventures, will succeed Heaton as president of Markel Ventures.

Whitt has served as co-CEO of Markel since 2016. Since joining the company in 1991, he has held numerous senior leadership roles, including as president and chief operating officer from 2010 to 2015. He also served as controller; vice president, treasurer and controller; executive vice president and chief administrative officer of Markel's international operations; CFO; and co-chief operating officer.

Whitt also led Markel in a variety of acquisitions including Alterra, Nephila and State National, broadening the company’s abilities to address clients’ most complex risk needs.

Noble has more than 20 years of experience and has held multiple roles of increasing leadership at Markel before becoming CFO in 2018, including finance director, Markel International; managing director, internal audit; and assistant controller.

Whitt said: “Serving as Co-CEO of Markel and spending the vast majority of my career with this incredible company has truly been an honour. 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.”

Steven Markel, chairman of the board of Markel, thanked Whitt for his leadership and dedication to Markel for over three decades and praised his contribution in transforming the company’s insurance business over the years. “We have never been in a stronger position,” he said.

Commenting on Gayner’s appointment as sole CEO from next year, Markel said: “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.”

Co-CEO Gayner commented: “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. 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.”

He added: “Mike and Andrew have been close partners since the early days of Markel Ventures and have led Markel Ventures to substantial growth. Day in and day out, they have both lived the Markel Style, supporting the Markel Ventures family of businesses. I am confident in and grateful for both of them as they continue serving the Company in their new roles.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.