Ron Lockton takes over as CEO of Lockton

Glenn Spencer, who has served as president and CEO of Lockton Cos. L.L.C. since May 1, has resigned effective immediately for personal reasons, the brokerage said Tuesday.

He will be replaced by Ron Lockton, 51, who has served as the brokerage’s vice chairman for the past two years, the company said in a statement.  A company spokesman said he could not provide any more information about the reasons for Mr. Spencer’s resignation.

Prior to his appointment as CEO in May, when he succeeded the retiring John L. Lumelleau, Mr. Spencer was U.S. president and chief operating officer of the brokerage. He joined Lockton in 2005.

Ron Lockton, who has worked at the brokerage for 27 years, is Chairman David Lockton’s nephew and son of Jack Lockton, the company’s founder, who died in 2004.

“Ron and I have worked together on a daily basis since he was appointed Vice Chairman two years ago,” David Lockton said in the statement. “I completely trust his instincts, admire his integrity, and know he will be outstanding in this role. Ron will continue to strengthen our leadership team for the long-term as we focus on our future.”

Lockton is the world’s ninth-largest insurance broker, according to Business Insurance’s latest ranking.