Markel Group Inc. (NYSE: MKL) said chairman Steve Markel will retire after more than 50 years of service, with Chief Executive Officer Tom Gayner appointed to the additional role of chairman effective Sept. 8, 2026. The Richmond, Virginia-based company said Markel informed the board of his decision on Thursday and will not seek re-election at the 2027 annual meeting of shareholders, although he will continue serving on the board until next year.
The company also announced leadership changes effective immediately. Simon Wilson was promoted to co-president of Markel Group and chief executive officer of Markel Insurance, while Andrew Crowley was promoted to co-president and chief executive officer of Markel Ventures. The board established a new Leadership Council comprising lead independent director Michael O'Reilly, Gayner, Wilson and Crowley, designed to facilitate coordination between independent board leadership and senior management.
O'Reilly, who previously served as vice chairman and chief financial officer at Chubb and as chairman of Alterra Capital Holdings Limited, said Markel's leadership, wisdom, expertise and commitment to the company were unmatched. Markel thanked employees, customers and shareholders for their trust and support over the years.
