Arthur J. Gallagher & Co. has announced the passing of David Johnson (pictured, left), lead independent director of the company's board of directors, and confirmed governance changes following his death.
Johnson had served on Gallagher's board since 2003 and held the role of lead independent director since 2016. Earlier in his career, he served as chief executive officer of North America for Aryzta AG.
During his time on Gallagher's board, he sat on the Compensation, Nominating/Governance, and Risk and Compliance committees, drawing on his background in corporate governance, executive compensation and change management with complex regulatory environments.
"For more than two decades, Dave helped guide Gallagher with wisdom, integrity, and a steadfast commitment to our values," said J. Patrick Gallagher Jr., chairman and CEO of Gallagher. "As Lead Independent Director, he brought sound judgment and perspective to our Board, and his many years of dedicated service will leave a lasting mark on Gallagher. On behalf of our Board of Directors and colleagues around the world, we extend our heartfelt condolences to Dave's family and loved ones."
Following Johnson's passing, the board elected to reduce its size to eight members. The independent directors have elected Ralph Nicoletti (pictured, right) to serve as lead independent director, effective immediately.
Nicoletti was first elected to the Board in 2016 and has served as chair of the Audit Committee since 2019. The board has also appointed John Coldman to the Compensation and Nominating/Governance Committees.
Separately from the governance transition, the announcement offers a moment to note the broader context in which it arrives: a period of substantial expansion for Gallagher. The company has been in active integration mode following its acquisition of AssuredPartners, a deal valued at roughly $13.45 billion, which contributed to a 28% year-over-year revenue increase to $4.76 billion in the first quarter of 2026, along with net earnings of $823 million. Brokerage segment revenue reached $4.29 billion in the quarter, with organic brokerage revenue growth of 5%, while Gallagher's risk management arm, Gallagher Bassett, posted 14% growth, aided by 10% organic growth reflecting continued demand for claims and administration services.
Gallagher has maintained an active acquisition pace throughout 2026, completing nine integrations in the first quarter alone that added a combined $60 million in expected annual revenue, part of a broader strategy the company has described as pairing organic growth with disciplined M&A.
That acquisitive growth has made board oversight of capital allocation, deal integration and governance a matter of particular importance for one of the largest publicly traded insurance brokers in the United States, underscoring the significance of the continuity Nicoletti's appointment is intended to provide.
