- Push-out Score determined
- After around seven years in the position
- Praise and thanks for Whitt
- Dual Chief Executive Officer role eliminated
- Tom Gayner becomes sole Chief Executive Officer
- Whitt said 71 words
(exechange) — Richmond, Virginia, May 4, 2022 — Richie Whitt, co-chief executive of Markel, leaves his post. His departure is made public at an early stage. As announced by Markel Corp. in a news release and in a regulatory filing published on Wednesday, May 4, 2022, Richard R. (Richie) Whitt leaves his post as co-chief executive officer at the financial holding company, after around seven years in the role, effective by March 31, 2023.
Long goodbye
It is a long goodbye. The announcement of Richie Whitt’s move comes up to 11 months prior to his planned departure from the post of Co-CEO.
In general, a top executive who announces the departure particularly early may be considered a lame duck.
Markel eliminates the dual Chief Executive Officer role. Thomas S. (Tom) Gayner will be sole Chief Executive Officer.
Richie Whitt’s move coincides with a management shake-up also involving the positions of head of Markel’s global insurance platform; Executive Vice President of Markel; and President, Markel Ventures.
No reason given
In the announcement, Markel did not explicitly explain the reason for the move.
Precise information regarding Richie Whitt’s future plans was not immediately available.
“Retire”
Markel said: “Richard R. Whitt III, Co-Chief Executive Officer of Markel, plans to retire by March 31, 2023.”
Markel further said: “On May 3, 2022, Richard R. Whitt, III, a Co-Chief Executive Officer (Co-CEO) of Markel Corporation (the Company), informed the Company of his plan to retire by March 31, 2023.”
Share price increase since January 2016
The announcement follows an increase in Markel Corp.’s share price of 55% since January 2016. January 2016 is the month in which Whitt’s tenure as Co-CEO began.
In the position of CEO since 2016
Richie Whitt became CEO of the Company in 2016.
After stepping down, Whitt will remain with the Company in a consulting role to ensure a seamless transition.
Whitt has been a Co-CEO of the Company since January 2016, and served as the Company’s President and Co-Chief Operating Officer from May 2010 to December 2015 and Senior Vice President and Chief Financial Officer from May 2005 to May 2010.
Whitt joined the Company in 1991 and has held numerous senior leadership roles during his time with the Company.
Prior to joining the Company in 1991, Whitt worked at KPMG in their audit practice, and he has held the CPA and CPCU designations.
Whitt also serves on the board of the Virginia Tech Foundation, and he is a member of the Advisory Board for the Virginia Tech Department of Accounting and Information Systems.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Richie Whitt’s move on a scale of 0 to 10.
exechange reached out to Markel and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 19.2022 ($).