Tokio Marie Kiln (TMK) announces a series of leadership changes following the departure of chief executive Officer, Charles Franks after 11 years.
He will be succeeded by Brad Irick as chief executive officer of TMK effective 1 January 2020, subject to regulatory approval. Franks will remain a member of the Tokio Marine Kiln board where his extensive knowledge of TMK and the Lloyd’s market will continue to benefit the company.
As part of the succession process, Charles will remain in position until the end of 2019 to facilitate an orderly handover period.
Irick has held the role of deputy chief executive officer of TMK since August 2018. Since joining he has worked closely with Franks on all aspects of the business, including the development of the company’s strategy.
He has also had direct responsibility over TMK’s operational areas, actuarial, internal audit and governance and legal functions.
Irick brings extensive experience in the specialist insurance industry, having served as chief financial officer at Tokio Marine HCC since 2010, along with 21 years in the insurance practice of PwC.
TMK has welcomed Nick Hutton-Penman to the executive team as deputy chief executive officer, effective, 1 October 2018.
Hutton-Penman joins from Tokio Marine HCC International in London where he served across several senior roles during his 17 year career including chief executive officer of HCC Underwriting Agency.
Meanwhile Paul Culham, TMK chief underwriting officer is departing after 32 years with the company. He will leave at the end of September and his successor will be announced in due course.
Chris Williams, chairman of Tokio Marine Kiln Group Limited, said: “Charles has demonstrated exemplary leadership over the past eleven 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.”
Charles 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.”
Brad Irick said: “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.”
Paul 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.”