Robert Le Blanc
About Robert (Bobby) Le Blanc
Robert (Bobby) Le Blanc is 58 and has served as an independent director of Ryan Specialty since 2018; his current term expires in 2026 (Class II) . He is Chief Executive Officer of Onex Corporation and previously worked at Berkshire Hathaway and General Electric; he holds a B.S. from Bucknell University and an MBA from New York University . The Board has affirmatively determined that Le Blanc is independent under NYSE rules . He sits on the Compensation and Governance Committee and attended at least 75% of Board and committee meetings in 2024 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Onex Corporation | Chief Executive Officer | Joined 1999; current | CEO overseeing investments; finance/insurance experience |
| Berkshire Hathaway | Prior employment (not specified) | Prior to 1999 | Insurance and finance exposure |
| General Electric | Prior employment (not specified) | Prior to 1999 | Corporate operations/finance exposure |
External Roles
| Organization | Role | Public Company Board? | Notes |
|---|---|---|---|
| Onex Corporation | Chief Executive Officer | Not disclosed in proxy | Onex previously held nomination rights at RYAN; Le Blanc is a legacy Onex nominee |
Board Governance
- Independence: Independent director .
- Committee assignments: Compensation and Governance Committee member; not Chair .
- Attendance: Each director other than O’Halleran attended at least 75% of Board and committee meetings; Le Blanc met this threshold .
- Years of service: Director since 2018; current Class II term ends 2026 .
- Lead Independent Director: D. Cameron Findlay (not Le Blanc); executive sessions held quarterly .
| Governance Attribute | Detail |
|---|---|
| Director Class, Term End | Class II; term ends 2026 |
| Independence | Independent |
| Committees | Compensation and Governance Committee (member) |
| Committee Meeting Count (2024) | Compensation and Governance Committee held five regular meetings |
| Attendance | ≥75% of applicable meetings in 2024 |
| Lead Independent Director / Exec Sessions | Lead Director: D. Cameron Findlay; independent director executive sessions four times a year |
Fixed Compensation
Ryan Specialty’s Non-Employee Director Compensation Policy provided a 2024 annual cash retainer of $100,000 and RSUs with ~$125,000 grant-date fair value; effective January 1, 2025, cash retainer increased to $120,000, equity to $200,000, and chair/lead fees were raised . Robert Le Blanc has agreed to forgo any cash or equity compensation for his service on the Board .
| Component | Policy (2024) | Policy (2025) | Robert Le Blanc Actual |
|---|---|---|---|
| Annual Cash Retainer | $100,000 | $120,000 | $0 (forgoes cash) |
| Equity (annual RSUs, fair value) | ~$125,000; fully vested RSUs issued (e.g., April 30, 2024 grants) | $200,000 | $0 (forgoes equity) |
| Committee Chair Fees | Audit Chair $25,000; Comp & Gov Chair $20,000; Lead Director $25,000 | Audit Chair $35,000; Comp & Gov Chair $25,000; Lead Director $35,000 | N/A (not chair) |
| Meeting Fees | None disclosed (not used) | None disclosed | N/A |
Performance Compensation
Non-employee director equity grants (RSUs) are fully vested at grant; there are no performance-based equity components or metrics for directors. Robert Le Blanc elects to receive no equity grants .
| Performance Component | Metric | Target/Scale | Vesting |
|---|---|---|---|
| Directors’ equity plan | None (RSUs are time-based and fully vested on grant) | N/A | RSUs deliver one share within 30 days or upon separation/change in control election |
| Robert Le Blanc | N/A | N/A | No grants (forgoes equity) |
Other Directorships & Interlocks
- Legacy Onex nominee: The Director Nomination Agreement notes Robert Le Blanc is the Class II director nominated by Onex prior to Onex’s April 2023 sale; the Ryan Parties now nominate all other directors, subject to that ongoing legacy right .
- Compensation Committee interlocks: Proxy discloses an interlock between Patrick G. Ryan (Geneva Re compensation committee) and Michael D. O’Halleran (Executive Chairman of Geneva Re) serving on RYAN’s Board; no interlock involving Le Blanc is disclosed .
| Entity | Relationship | Potential Conflict Consideration |
|---|---|---|
| Onex Corporation | Le Blanc is CEO; legacy Onex nominee on RYAN Board | Historical sponsor influence; Board still deems Le Blanc independent |
| Geneva Re | Interlock involves other directors (Ryan/O’Halleran), not Le Blanc | Not applicable to Le Blanc |
Expertise & Qualifications
- Board skills matrix attributes Le Blanc with leadership experience, financial/accounting acumen, enterprise risk management, industry experience, operational experience, and public company experience .
- Education: B.S. Bucknell; MBA NYU; prior roles at Berkshire Hathaway and GE .
| Qualification | Evidence |
|---|---|
| Leadership | Board skills matrix indicates “ü” for leadership |
| Financial/Accounting | “ü” indicated; CEO of Onex |
| Enterprise Risk Management | “ü” indicated |
| Insurance/Industry Experience | “ü” indicated; prior Berkshire Hathaway |
| Operational Experience | “ü” indicated |
| Public Company Experience | “ü” indicated |
| Education | B.S. Bucknell; MBA NYU |
Equity Ownership
The beneficial ownership table lists Robert Le Blanc with no Class A or Class B shares beneficially owned as of March 31, 2025 . The company’s director stock ownership guidelines require non-employee directors to hold stock equal to 5x their annual cash retainer within five years; Le Blanc’s guideline compliance date is April 21, 2026, and the company states all directors are currently in compliance .
| Ownership Metric | Value |
|---|---|
| Class A shares owned | 0 |
| Class B shares owned | 0 |
| % of combined voting power | <1% (none listed) |
| Ownership guidelines | 5x cash retainer within 5 years; Le Blanc deadline April 21, 2026 |
| Compliance status | Company states all directors are currently in compliance |
| Pledging/Hedging | Company prohibits pledging and hedging absent specific approval |
Governance Assessment
-
Positives:
- Independent status with strong finance/insurance background (Onex CEO; Berkshire/GE) and broad board-relevant skills .
- Active governance role on the Compensation and Governance Committee (five meetings in 2024); attendance ≥75% .
- Company-wide anti-pledging/anti-hedging and clawback policies bolster governance and risk alignment .
-
Risks and potential red flags:
- RED FLAG: Forfeiture of all director cash and equity compensation may weaken pay-for-performance and ownership alignment signals relative to peers .
- RED FLAG: Beneficial ownership table shows zero Class A/B shares, which may reduce “skin in the game,” notwithstanding the company’s statement that all directors are “in compliance” with ownership guidelines (note Le Blanc’s compliance deadline is April 21, 2026) .
- Legacy sponsor interlock: Le Blanc remains a legacy Onex nominee even after Onex’s sale of Class A shares in April 2023, which can create perceived influence despite the Board’s independence determination .
Overall: Le Blanc brings deep investment and industry expertise and serves on a key governance committee, but his choice to forgo compensation and the absence of reported share ownership present alignment optics that investors should monitor, especially in the context of legacy sponsor nomination dynamics .