Fishman to Become Executive Chairman
NEW YORK--(BUSINESS WIRE)--
The Travelers Companies, Inc. (NYSE: TRV)
today announced that Alan D. Schnitzer will succeed Jay S. Fishman as
Chief Executive Officer, effective December 1, 2015, and has been
appointed to the company’s Board of Directors, effective the same date.
Fishman will become Executive Chairman following Schnitzer’s assumption
of the CEO role.
Schnitzer, 49, is Chief Executive Officer of Travelers’ Business and
International Insurance, the company’s largest business segment.
Previously, he headed the company’s Financial, Professional and
International Insurance segment. In addition to his business line
responsibilities, Schnitzer oversees Travelers’ Field Management,
Corporate Communications and Public Policy organizations.
John H. 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.”
Dasburg continued, “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.”
Fishman continued, “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 honor and a privilege to have the opportunity
to lead this outstanding organization 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.”
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 in addition to all of his
current responsibilities.
Schnitzer joined Travelers in April 2007. He serves on the U.S.
Securities and Exchange Commission’s Investor Advisory Committee created
under the Dodd-Frank Act and the Advisory Board for the University of
Pennsylvania’s Institute for Urban Research. Schnitzer is a member of
the Council on Foreign Relations and serves on the Board of Directors of
the Connecticut Council for Education Reform. He is also a member of the
Metropolitan Museum of Art’s Business Committee. Schnitzer received his
undergraduate degree from The Wharton School of the University of
Pennsylvania in finance and accounting and his J.D. from Columbia Law
School.
Conference Call
Travelers management will discuss the contents of this release at 5:30
p.m. Eastern (4:30 p.m. Central) on Tuesday, August 4, 2015. Investors
can access the call via webcast at http://investor.travelers.com
or by dialing 1-888-317-6003 within the U.S. and 1-412-317-6061 outside
the U.S. (use passcode 2492839 for both the U.S. and international
calls). Following the live event, an audio playback of the webcast will
be available at the same website. An audio playback can also be accessed
by phone at 1-877-344-7529 within the U.S. and 1-412-317-0088 outside
the U.S. (use reservation 10070516 for both the U.S. and international
calls).
About Travelers
The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto,
home
and business.
A component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of approximately
$27 billion in 2014. For more information, visit www.travelers.com.
Forward-Looking Statement
All statements in this press release, other than statements of
historical facts, are “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. Actual results of
matters addressed in these forward-looking statements involve risks and
uncertainties and may differ substantially from those expressed or
implied. Some of the factors that could cause actual results to differ
are discussed under the heading “Risk Factors” in the company’s most
recent Form 10-K and Form 10-Q. The forward-looking statements in this
release speak only as of the date of this release, and we undertake no
obligation to update any forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150804006910/en/
The Travelers Companies, Inc.
Media:
Patrick Linehan,
917-778-6267
plinehan@travelers.com
or
Investors:
Gabriella
Nawi, 917-778-6844
gnawi@travelers.com
Source: The Travelers Companies, Inc.