XL appoints former Citibank CEO as chairman

XL Group has appointed a former chief executive of Citibank as chairman of the board.

Eugene McQuade has been a director of the company since 2004 and recently retired as vice chairman of Citigroup. He was formerly chief executive of Citibank, president of Bank of America Corporation and president and chief operating officer of FleetBoston Financial Corporation.

He succeeds Robert Glauber who had served as chairman since 2009. Glauber will remain a director of the board and will chair the Risk and Finance Committee.

“I am deeply honoured to succeed Bob as chairman of the board, and look forward to helping guide XL through this new exciting phase of its growth as we continue to drive strong value for shareholders,” said McQuade.

“Bob Glauber has been a visionary leader throughout his tenure as chairman, and we are delighted he has decided to remain a director. Since his appointment as chairman, Bob’s expertise and contributions have been vital to XL’s success as the Company refocused its strategy on property and casualty and specialty products in global insurance and reinsurance, and on the recently completed acquisition of Catlin, which solidifies the Company’s leading position in the global re/insurance market.”