Data analytics provider Verisk, based in Jersey City, announced Feb. 18 that Lee Shavel will take over as CEO following the retirement of Scott Stephenson after the company’s 2022 annual meeting.

The company also announced that Mark Anquillare, currently chief operating officer of Verisk and group president, will become president of Verisk at that time.

The date of Verisk’s annual meeting has not been scheduled, company spokesperson Alberto Canal said in an email.

Shavel, currently chief financial officer of Verisk and group president, joined the company in 2017. He has served as CFO since that time, driving the company’s financial strategy and capital management philosophy. In 2021, he also became group president of the company’s energy and financial services segments, where he integrated the business for improved strategic and operating coordination, and accelerated investment in the company’s energy data analytic platform, the company stated in the announcement.

“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,” Christopher Foskett, lead independent director of Verisk’s board, said in a prepared statement. “Lee is a seasoned executive with a keen focus on strengthening Verisk’s strategic business plans and performance objectives.”

Shavel added, “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.”

Stephenson joined Verisk in 2001, was appointed COO in 2008, president in 2011 and CEO in 2013.

Under his leadership, the company nearly doubled its annual revenue, more than tripled its market capitalization and nearly tripled the number of countries in which it operates, according to the announcement. Forbes recognized Stephenson as one of America’s Most Innovative Leaders and as one of the Top 25 Most Innovative Leaders worldwide.

“It has been an honor to lead Verisk through critical and transformative periods for our company and the industries we serve. This is the right time to begin the transition to Verisk’s next leader,” Stephenson said in the statement. “Since he joined Verisk five years ago, Lee has been a trusted partner who has sharpened our focus on the effective allocation of capital. And Mark has been elemental to Verisk’s growth, operational excellence and customer-centric culture for nearly 30 years. This is the right team to empower a better, more resilient, and sustainable tomorrow for customers and societies.”

Anquillare served as CFO during the company’s IPO in 2009 and through 2016. Since then, he’s served as Verisk’s COO and led the company’s insurance vertical.

Anquillare said in the statement, “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.”

Stephenson also 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, the company said. Shavel’s replacement as CFO will be named later.