Verisk lines up next CEO and chairman as it splits top positions

Scott Stephenson is departing  Verisk following its 2022 annual shareholder meeting, prompting the global data analytics and property/casualty (P&C) insurance risk information provider to separate the roles of chairman and chief executive officer (CEO).

Verisk’s board of directors has named Lee Shavel (pictured), currently chief financial officer (CFO) and group president, to become its CEO upon Stephenson’s retirement.

Mark Anquillare, currently chief operating officer (COO) and group president, will become president of the company.

Stephenson will step down from the Verisk board following the 2022 annual meeting, which is when the roles of chair of the board of directors and CEO will be seperated.

Shavel’s replacement as CFO will be named at a later date.

Verisk said Shavel’s appointment as the next CEO follows a “thorough succession planning process” undertaken by its board, that included the evaluation of internal and external candidates.

Stephenson joined Verisk in 2001 and was appointed as COO in 2008, president in 2011, before becoming CEO in 2013. Under his leadership, the company nearly doubled its annual revenue, more than tripled its market capitalisation and nearly tripled the number of countries in which it operates.

Shavel joined Verisk in 2017 and has served as CFO since that time, driving the company’s financial strategy and capital management function. In 2021, he also became group president of the company’s energy and financial services segments, and during that time integrated the business for improved strategic and operating coordination, and accelerated investment in the company’s energy data analytic platform.

Anquillare has been with Verisk for nearly 30 years. He served as CFO during the company’s IPO in 2009 and through 2016. Since 2016, he has served as Verisk’s COO and led the company’s insurance vertical.

Christopher Foskett, lead independent director of Verisk's board, thanked Stephenson for his “significant contributions, leadership and dedicated years of service to Verisk”.

“Since his appointment as CEO, he has been instrumental in transforming our data analytics business by deepening and broadening our data assets, developing a set of integrated risk management solutions and services, addressing new markets and fostering an incredible team and culture,” he said.

Foskett added: "We are confident that Lee is the right choice to lead Verisk in its next phase of growth, innovation and value creation for our shareholders. Lee is a seasoned executive with a keen focus on strengthening Verisk’s strategic business plans and performance objectives.”

Stephenson said: “This is the right time to begin the transition to Verisk’s next leader. Our team has built powerful analytic and software platforms and a resilient business model that have enabled us to consistently deliver for our customers across market cycles by accelerating their transformation agendas. The company will continue to successfully deliver for shareholders into the future.”

Shavel said: “I am excited and humbled to be named as Verisk’s next CEO and to have the opportunity to build on our track record of success. We are well positioned for the future given our strong foundation, and I look forward to continuing to work closely with Scott to ensure a seamless transition. Together with Mark and the rest of our leadership team, we’ll continue our focus on executing on the most value-enhancing opportunities in the rapidly evolving data-analytics industry for the benefit of our valued customers, shareholders and the Verisk community.”

Anquillare commented: “I look forward to working alongside Lee and our leadership team as we further our industry leading position and continue to provide our customers with unmatched service and insights. This is an exciting time for our business and an incredible opportunity to build the future together with our customers.”

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