Travelers 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 said he will still play an active role in Travelers’ future by becoming executive chairman following Schnitzer’s assumption of the CEO role.
Fishman announced earlier this year that he was suffering from a neuromuscular condition. In a message sent to company employees yesterday, he said the condition had progressed.
“At every company there comes a time for new leadership. Because of the progression of my neuromuscular condition, this time has come a little earlier than I had hoped. But given the strength of the company and with an exceptional leader in Alan more than prepared to become our CEO, there is good reason to make a change now,” Fishman said.
He explained that the condition was diagnosed as a likely variant of Amyotrophic Lateral Sclerosis, or ALS.
Schnitzer, 49, is currently 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.
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. 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.
Source: The Travelers Companies
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