Christopher M. Foskett, lead independent director of Verisk’s board, said, “On behalf of the entire Board, I want to thank Scott for his significant contributions, leadership and dedicated years of service to Verisk. Since his appointment as CEO, he has been instrumental in transforming our data analytics business by deepening and broadening our data assets, developing a set of integrated risk management solutions and services, addressing new markets and fostering an incredible team and culture. I have served alongside Scott, and the degree of change and progress that has occurred due to his leadership is simply remarkable. We are fortunate to be able to benefit from Scott’s insights and expertise through this transition period.”
The naming of Shavel as the next CEO is the culmination of a thorough succession planning process undertaken by the Verisk Board, that included the evaluation of internal and external candidates.
Shavel joined Verisk in 2017 and has served as CFO since that time, driving the company’s financial strategy and capital management philosophy. Consistent with this, he has been actively engaged in the company’s review of its businesses and portfolio composition to identify the most value-creating opportunities available to the company and its shareholders. In 2021, he also became group president of the company’s energy and financial services segments, and during that time Shavel integrated the business for improved strategic and operating coordination, and accelerated investment in the company’s energy data analytic platform.
Foskett added, “We are confident that Lee is the right choice to lead Verisk in its next phase of growth, innovation and value creation for our shareholders. Lee is a seasoned executive with a keen focus on strengthening Verisk’s strategic business plans and performance objectives.”
Shavel said, “I am excited and humbled to be named as Verisk’s next CEO and to have the opportunity to build on our track record of success. We are well positioned for the future given our strong foundation, and I look forward to continuing to work closely with Scott to ensure a seamless transition. Together with Mark and the rest of our leadership team, we’ll continue our focus on executing on the most value-enhancing opportunities in the rapidly evolving data-analytics industry for the benefit of our valued customers, shareholders and the Verisk community.”
Anquillare has been with Verisk for nearly 30 years. He served as CFO during the company’s IPO in 2009 and through 2016. Since 2016, Anquillare has served as Verisk’s COO and led the company’s insurance vertical. Through these roles, Anquillare has been instrumental in growing the company’s insurance vertical and aligning the company’s enterprise risk assessment and management with its core operations. Verisk will continue to benefit from his deep knowledge of the company and the industries the company serves as Anquillare assumes his new role.
Anquillare said, “I look forward to working alongside Lee and our leadership team as we further our industry leading position and continue to provide our customers with unmatched service and insights. This is an exciting time for our business and an incredible opportunity to build the future together with our customers.”
In connection with his retirement from the company, Stephenson will step down from the Verisk Board of Directors following the 2022 Annual Meeting. The roles of chair of the board of directors and CEO will be separated effective following the 2022 annual meeting. Shavel’s replacement as CFO will be named at a later date.
Biographies for Lee M. Shavel, Mark V. Anquillare and Scott G. Stephenson can be found here.
About Verisk
Verisk (Nasdaq: VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
