Ryan Specialty CEO Pat Ryan leaves post

  • After 14 years in the position
  • Praise for Ryan
  • Tim Turner taking over
  • Ryan will remain as Executive Chairman at Ryan Specialty
  • Ryan spoke at length and said 193 words

(exechange) — Chicago, Illinois, July 1, 2024 — Pat Ryan, chief executive of Ryan Specialty, leaves his position. As announced by Ryan Specialty Holdings Inc. in a news release and in a regulatory filing published on Monday, July 1, 2024, Patrick G. (Pat) Ryan leaves his post as chief executive officer at the specialty insurance firm, after 14 years in the role, effective October 1, 2024.

Pat Ryan’s duties as CEO will be taken over by Timothy W. (Tim) Turner, currently President at Ryan Specialty Holdings Inc.

It is a generational change. Tim Turner is about 23 years younger than Pat Ryan.

The succession plan also includes the appointment of Jeremiah R. Bickham, Chief Financial Officer, as President, and Janice M. Hamilton, Chief Accounting Officer, as Chief Financial Officer.

“Now is the right time”

The management change is explained as follows. Ryan stated: “With clear positive momentum underway and a deep roster of proven leaders, now is the right time to implement this carefully planned leadership succession.”

Ryan will remain as Executive Chairman at Ryan Specialty

Ryan Specialty stated: “Ryan Specialty Holdings, Inc. …, a leading international specialty insurance firm, today announced that its Board of Directors has unanimously approved a leadership succession plan to be implemented on October 1, 2024. Under the plan, Patrick G. Ryan, the Company’s Founder, Chairman, and Chief Executive Officer, will transition to the role of Executive Chairman, and Timothy W. Turner, President of Ryan Specialty and Chairman and CEO of Ryan Turner Specialty …, will become Chief Executive Officer.”

Share price increase since July 2023

The announcement follows an increase in Ryan Specialty Holdings Inc.’s share price of 30% since July 2023.

In the position of CEO since 2010

Pat Ryan became CEO of the Company in 2010.

Patrick G. Ryan founded Ryan Specialty in 2010.

Ryan has served as the Chairman and Chief Executive Officer of Ryan Specialty since its inception and is the chairperson of the Executive Committee.

Prior to launching Ryan Specialty, Ryan founded Aon Corporation and served as its Chairman and/or CEO for 41 years.

At the time of Ryan’s retirement, Aon had more than 500 offices in 120 countries, generating revenues then in excess of $7 billion.

Ryan has received a number of accolades throughout his career.

In 1987, Ryan received the esteemed Horatio Alger Award, which honors those who are dedicated to the principles of integrity, hard work, perseverance, and compassion for others.

In 2008, Ryan was inducted into the American Academy of Arts and Sciences, one of the nation’s oldest and most prestigious honorary societies and independent research centers, founded in 1780.

Also in 2008, he was elected to the International Insurance Society Hall of Fame and received the Ernst and Young Entrepreneur of the Year Lifetime Achievement Award.

He was named by Brigham Young University International Executive of the Year for Corporate Integrity.

Other career tributes include the College of Insurance’s Insurance Leader of the Year and the Insurance Federation of New York’s Free Enterprise Award.

Most recently, in July 2019, Ryan was inducted into the Automotive Hall of Fame for his contribution to the Finance and Insurance Specialists sector of the automotive industry.

Ryan has been a member of Northwestern University’s board of trustees for 42 years, 14 years of which he served as Chairman.

Ryan served on the boards of directors of 1st National Bank of Chicago and its successors and the Tribune Company.

Ryan earned a Bachelor of Business Administration from Northwestern in 1959 and, in 2009, Northwestern awarded Ryan a Doctor of Humane Letters degree.

Also in 2009, Ryan was inducted into the Northwestern Athletic Hall of Fame.

Four years later, in 2013, Ryan received the Northwestern Alumni Association Medal of Honor.

This award is the highest award granted by the Northwestern Alumni Association to an alumnus who combines superior professional distinction and/or exemplary volunteer service to society, with an outstanding record of service to Northwestern.

Ryan also served as Chairman of Chicago 2016, the effort to bring the 2016 Olympic and Paralympic Games to Chicago.

193 words by Pat Ryan

In the release announcing his departure as CEO of Ryan Specialty Holdings Inc., Pat Ryan received praise.

In the release announcing his departure as CEO, Pat Ryan spoke at length and said 193 words.

“Continuing as an active member of the Company’s executive team”

Pat Ryan stated: “Over the last several years, we have achieved remarkable financial and operational success and taken significant action to position Ryan Specialty for sustainable and profitable growth. With clear positive momentum underway and a deep roster of proven leaders, now is the right time to implement this carefully planned leadership succession. Tim joined me at Ryan Specialty at its founding in 2010 and has been an invaluable and integral partner in our success to date, marked by our ambitious M&A strategy, commitment to constant innovation, and ongoing investment in talent. The Board and I believe he is the right leader to guide Ryan Specialty in its next chapter and expect this will be a seamless transition. Tim, Jeremiah, and Janice are all exceptional leaders with significant industry expertise, and their appointments reflect the depth of talent we have deliberately built at Ryan Specialty. When I assume the role of Executive Chairman, I look forward to continuing as an active member of the Company’s executive team, working alongside the Board and our strong leadership to build on our track record of outstanding service to clients and trading partners and to generate additional value for shareholders.”

The above text is an excerpt from the exechange report 28.2024 ($), publication date July 8, 2024.