Lockton, the world’s largest privately held independent insurance brokerage, announced this morning that Glenn Spencer would become president and chief executive officer next May, when John Lumelleau retires.
Lumelleau has been at he helm during much of Lockton’s rise from Kansas City institution to global company and will retain those titles during the transition, which runs through the end of the company’s fiscal year next April 30. Spencer is now chief operating officer for global operations and president of U.S. operations, and has been with the company since 2005.
“We are very pleased to have an accomplished internal candidate we trust to lead our associates and to carry on our entrepreneurial culture,” executive chairman David Lockton said in a news release announcing the succession plan. “During his 11 years with Lockton, Glenn has demonstrated the leadership skills to build on our long record of delivering results for clients.”
Lumelleau became president and CEO in 2002, just five years after joining the company, and has overseen 12-fold growth during his tenure. The company had more than $1.3 billion in 2015 revenues, and operates 78 offices worldwide, with more than 6,000 employees.