After 11 years as chief executive officer of Tokio Marine Kiln ("TMK"), Charles Franks is assuming new responsibilities within the Tokio Marine Group. He will be succeeded by Brad Irick as chief executive officer of TMK on January 1, 2020, subject to regulatory approval.
In a statement, TMK said that Mr. Franks will remain a member of the Tokio Marine Kiln board.
Mr. Irick has held the role of deputy chief executive officer of TMK since August 2018. He has had direct responsibility over TMK's operational areas, actuarial, internal audit, and governance and legal functions.
Mr. Irick has served as chief financial officer at Tokio Marine HCC ("TMHCC") since 2010, along with 21 years in the insurance practice of PwC.
TMK also announced that Nick Hutton-Penman has joined TMK as deputy chief executive officer effective October 1, 2019, subject to regulatory approval.
Mr. Hutton-Penman joined TMK from TMHCC International in London, where he served in roles including chief operating officer of the HCC International Group and chief executive officer of HCC Underwriting Agency.
In addition, TMK announced that Paul Culham, TMK's chief underwriting officer, is stepping down at the end of September, after 32 years with the company.
Chris Williams, chair of Tokio Marine Kiln Group Limited, said, "Charles has demonstrated exemplary leadership over the past 11 years, and I would like to extend my heartfelt thanks to him. The board and I are grateful for his continued expertise as the company transitions to the new leadership team.
"In Brad we have found a talented and dynamic leader. He has done an excellent job over the past year, demonstrating focus and strategic thinking. Brad's experience in specialist insurance, finance, and mergers and acquisitions will be complemented by Nick's excellent operational credentials, and I have every confidence their leadership will propel the business forward."
Mr. Franks said, "After more than a decade leading TMK, this is the right moment for me to hand over the reins. Successful leadership requires deep expertise as well as fresh thinking, and in Brad and Nick, TMK has found a formidable combination. The opportunity for the business is vast, and I have every confidence that with strong and dynamic leadership, supported by the incredible talent within the business, this will be an exciting new chapter for TMK.
"On behalf of the whole executive team, I would like to thank Paul for his enormous contribution to TMK and for his support to me personally during his tenure. He has been instrumental in the business' continued development and I wish him every success for the future."
Mr. Irick added, "This is an exciting and transformative time for our industry. TMK has always led the market, and this period is no exception. Our exceptional talent, relationships, and innovative thinking position us well for success, and I look forward to driving the business forward with renewed focus and energy."
Mr. Culham said,"After more than three decades at TMK, now is the right moment for change, and I am delighted to pass the baton on. I wish Brad and the team every success as they embrace the opportunities ahead."
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].