Peter Clune has stepped down as CEO of Lockton Cos. LLC and will be replaced by Ron Lockton, son of the brokerage’s late founder, Lockton announced Friday.
Ron Lockton, currently executive chairman, previously served as CEO of the company.
Mr. Clune, who joined Lockton from Zurich Insurance Co. in 2006, has been CEO of the brokerage since 2019, when he succeeded Ron Lockton in the position. Ron Lockton then took over the chairman role after his uncle David Lockton became lead director.
In a statement, Lockton said: “The Lockton board of directors, Mr. Lockton and former CEO Peter Clune have mutually agreed that now is the moment for Peter to step down as CEO.”
Privately owned Lockton is the world’s 10th largest brokerage, reporting $3.05 billion in 2022 brokerage revenue, according to Business Insurance’s most recent ranking. It is the 12th largest brokerage of U.S. business, according to BI’s ranking.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.