Verisk CEO departs, chairman and chief executive roles separated

CFO chosen to succeed outgoing leader

Verisk CEO departs, chairman and chief executive roles separated

Insurance News

By Lyle Adriano

Global data analytics provider Verisk has announced that current president and CEO Scott Stephenson will be retiring.

The chief executive will officially retire following Verisk’s upcoming annual shareholder meeting. Stephenson will also step down from the company’s board of directors, and the roles of chair of the board of directors and CEO will be separated.

Stephenson first joined Verisk in 2001. Since his subsequent appointments as COO in 2008, president in 2011, and CEO in 2013, the company “has become more data analytic and software-intensive, more customer-centric and global, and more sustainable and responsible,” a release said. Under his leadership, Verisk nearly doubled its annual revenue, more than tripled its market capitalisations, and almost tripled the number of countries in which it operates.

The outgoing CEO was also recognised as one of America's Most Innovative Leaders and one of the Top 25 Most Innovative Leaders by Forbes.

“It has been an honour to lead Verisk through critical and transformative periods for our company and the industries we serve. This is the right time to begin the transition to Verisk's next leader,” said Stephenson. “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.”

The company’s board of directors have named Lee Shavel, current CFO and group president, to become Verisk’s new CEO. Shavel has been CFO of the company since joining in 2017. Verisk has also tapped 30-year veteran Mark Anquillare, current COO and group president, to serve as company president.

“Verisk has never been in a stronger position. I am confident in the team's ability, under Lee and Mark's stewardship, to continue our momentum and sustainable growth trajectory that position Verisk for long-term success,” commented Stephenson. “Since he joined Verisk five years ago, Lee has been a trusted partner who has sharpened our focus on the effective allocation of capital. And Mark has been elemental to Verisk's growth, operational excellence and customer-centric culture for nearly 30 years.”

Stephenson closed out his statement by stating that the duo of Shavel and Anquillare is “the right team to empower a better, more resilient, and sustainable tomorrow for customers and societies.''

Shavel’s replacement as CFO will be named at a future date, Verisk said.

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