RICHMOND, Va., Nov. 20, 2019 /CNW/ -- Markel Corporation
(NYSE: MKL) announced today that Alan I.
Kirshner, the company's Executive Chairman and Chairman of
the Board, informed the company that he will not stand for
re-election at the company's 2020 Annual Meeting of Shareholders
scheduled to be held May 11, 2020.
Kirshner will retire as a director and officer of the company at
the end of the meeting.
Markel also announced that the Board of Directors selected
current Board Member and Vice Chairman Steven A. Markel to succeed Kirshner as the next
Chairman of the Board.
"I'm grateful to have had the opportunity to serve as Chairman
of Markel these last 33 years, working alongside terrific leaders
and great employees, all of whom come to work each day determined
to build one of the world's great companies," Kirshner said. "This
coming year I'll celebrate both my 85th birthday and
60th anniversary at Markel, and believe these milestones
mark the perfect time for me to retire from the Board and pass on
the Chairman role to another proven leader, my good friend and
long-time colleague, Steve
Markel."
Kirshner joined Markel in 1960 and moved quickly through a
number of leadership roles with increasing responsibility. He
joined the Board in 1978 and became Chairman of the Board and Chief
Executive Officer (CEO) in 1986, the same year Markel became a
public company. He served as CEO through 2015 and moved into his
Executive Chairman role in 2016. Over that period, Kirshner,
together with Anthony F. (Tony)
Markel and Steve Markel, led
the company as it grew from approximately $60 million in total assets to approximately
$25 billion.
The Board has named Alan to the honorary position of "Chairman
Emeritus" of the Board upon retiring from his leadership positions
in May of next year.
"Alan has led Markel with tremendous passion, honesty and
fairness," Steve Markel said. "He
has always been a visionary, challenging leadership and the
organization to embrace change, to innovate, create and strive for
a better way. And, as the lead author of The Markel Style, the
company's values statement, his purpose and principles will live on
within Markel forever."
Steve Markel has been with Markel
since 1975 and, alongside Kirshner and Anthony Markel, has been a member of its senior
leadership team since the company went public in 1986, with a focus
on finance and investments. He has served as Vice Chairman since
1992 and has been a director since 1978.
About Markel Corporation
Markel Corporation is a
diverse financial holding company serving a variety of niche
markets. The Company's principal business markets and underwrites
specialty insurance products. In each of the Company's businesses,
it seeks to provide quality products and excellent customer service
so that it can be a market leader. The financial goals of the
Company are to earn consistent underwriting and operating profits
and superior investment returns to build shareholder
value. Visit Markel Corporation on the web at
www.markel.com.
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SOURCE Markel Corporation