Travelers replaces CFO as Benet steps down from top position

US property/casualty insurer Travelers Companies' chief financial officer (CFO) Jay Benet, who has held the position since 2002, is stepping down and will be succeeded by Daniel Frey.

Benet will remain on the senior leadership team as vice chairman and take on a variety of responsibilities, including serving as a strategic advisor. Frey will become executive vice president and CFO.

Frey currently serves as CFO of the company’s personal insurance segment, having served in a number of other key financial management roles across Travelers over the past 15 years. Prior to that, he served as CFO of the company’s claim and field management organisations. Before joining Travelers, he served as CFO of Spalding Sports Worldwide, having started his career in public accounting at Deloitte & Touche.

“Every milestone in the modern life of this company bears Jay Benet’s mark,” chairman and chief executive officer Alan Schnitzer commented. “His advice was indispensable to my predecessor Jay Fishman for over a decade, and he has been a key partner, mentor and friend to me for more than 10 years. I am deeply grateful for all that he has contributed to this company, and we are fortunate that he will continue to serve as a member of the senior leadership team.”

Schnitzer added: “Dan has a proven track record as a finance leader at Travelers. His deep technical expertise, strategic mindset and collaborative style make him the perfect candidate to assume the role as our next CFO as we execute on our perform and transform strategic agenda. I couldn’t be more pleased to have Dan as a partner as he joins our senior leadership team.”

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