- Push-out Score determined
- After 17 years in the position
- Accolades, praise and thanks for Hicks
- Joe Brandon taking over
- Hicks said 83 words
(exechange) — New York, March 3, 2021 — Weston Hicks, chief executive of Alleghany, leaves his post. His departure is made public at an early stage. As announced by Alleghany Corp. in a news release and in a regulatory filing published on Wednesday, March 3, 2021, Weston M. Hicks leaves his post as chief executive officer at the insurance and reinsurance holding company after 17 years in the role, effective December 31, 2021.
It is the end of an era.
Long goodbye
It is a long goodbye. The announcement of Weston Hicks’s move comes up to 10 months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure particularly early may be considered a lame duck.
Weston Hicks’s duties as CEO will be taken over by Joseph P. (Joe) Brandon, currently Executive Vice President of Alleghany Corp.
No reason given
In the announcement, Alleghany did not explicitly explain the reason for Weston Hicks’s move, leaving room for speculation.
Precise information regarding Weston Hicks’s future plans was not immediately available.
“Retire”
Alleghany said: “Weston M. Hicks, President and Chief Executive Officer, has elected to retire as Chief Executive Officer and a director of Alleghany at year-end 2021.”
Alleghany further said: “On March 1, 2021, Alleghany Corporation (the “Company”) was informed by Weston M. Hicks, the Company’s President and Chief Executive Officer and a member of the Board of Directors (the “Board”), that he will retire from his position as Chief Executive Officer and as a director, effective on December 31, 2021 (the “Retirement Date”) and effective at the conclusion of the Company’s annual meeting of stockholders scheduled for April 23, 2021 (the “Annual Meeting”), Mr. Hicks will step down as the Company’s President.”
Share price increase since March 2016
The announcement follows an increase in Alleghany Corp.’s share price of 33% since March 2016.
Chaired by Jefferson W. Kirby
Jefferson W. Kirby serves as Alleghany Corp.’s Chairman.
Kirby has been Chairman of the Board of Alleghany since July 2010.
In the position of CEO since 2004
Weston Hicks became CEO of the Company in 2004.
Hicks has been Alleghany’s President and chief executive officer since December 2004.
Hicks was a director of AllianceBernstein from July 2005 to April 2017.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Weston Hicks’s move on a scale of 0 to 10.
exechange reached out to Alleghany and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 10.2021 ($).