Travelers CEO to step down

Jay Fishman, the chief executive officer (CEO) of Travelers, has unveiled plans to step down from his role in December.

He will be succeeded by Alan Schnitzer, the current CEO of Travelers’ business and international insurance unit, the company’s largest segment.

Fishman indicated that the physical symptoms of his neuromuscular condition continue to progress but added that he will become executive chairman following Schnitzer’s assumption of the CEO role.

Brian MacLean, who will remain president and chief operating officer and report to Schnitzer, will also assume direct responsibility for the business and international insurance segment.

John Dasburg, lead director, said: “We are very fortunate to have a proven leader in Alan, with demonstrated readiness to lead the company. He has made exceptional contributions to Travelers’ success, and the board has complete confidence in his ability to lead the company forward.”

“We are also very pleased that Jay has committed to stay with us as part of the senior leadership team in the new role of executive chairman. It is a pleasure and a privilege to continue to work with him as a member of management and our board.”

Fishman said: “Alan is the ideal executive to lead Travelers into its next chapter. He has earned the respect of the board, our people and the agent and broker communities for his judgment, deep understanding of our business and strong leadership.

“He has led several of our market-leading businesses and repositioned our International business, including spearheading important acquisitions in Canada and Brazil.”

“Alan is well prepared to build on our strong record, and the board and I agree that it is the right time to appoint a new leader. While the physical symptoms of my neuromuscular condition continue to progress, I am committed to actively engage as our executive chairman and am pleased to continue supporting Alan and the rest of our outstanding senior team.”

Schnitzer said: “It is an honour and a privilege to have the opportunity to lead this outstanding organisation with my partners – Brian MacLean, Jay Benet, Bill Heyman and Doreen Spadorcia.

“We are also very pleased to continue to work closely with Jay Fishman, who is an invaluable resource and colleague. We have executed a successful strategy for creating shareholder value, and I look forward to our building on that success.”