Alan D. Schnitzer
Travelers Cos. Inc. on Wednesday said its board of directors unanimously elected CEO Alan D. Schnitzer as its chairman, effective immediately.
Mr. Schnitzer succeeds John H. Dasburg, who will become independent lead director, a role he held prior to becoming chairman.
In a statement, Mr. Dasburg that “during this time of unprecedented change for the insurance industry, the board believes that the company and its shareholders are best served by combining the roles of chairman and CEO.”
“With the support of the board,” Mr. Schnitzer said in a statement, “I look forward to continuing to work with the senior leadership team as we build upon our strong track record of delivering meaningful shareholder value.”
The board also said that it elected Clarence Otis Jr. to the board, effective immediately, increasing the number of directors to 13 from 12. The former chairman and CEO of Orlando, Florida-based Darden Restaurants Inc., Mr. Otis has been appointed as a member of the compensation, investment and capital markets, and nominating and governance committees.
Last month, Travelers reported 2017 second-quarter net income of $595 million, a 10% decrease from the same period last year. Net written premium grew 5% to $7.18 billion. Combined ratio deteriorated to 96.7% in the 2017 quarter, compared with 93.1% in the same quarter last year.
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