November 30, 2015

Fishman's last day as Travelers CEO

Nov. 30 was longtime Travelers Cos. CEO Jay S. Fishman's last day at the helm of the property and casualty insurer, which has major operations in Hartford. He announced in August he was stepping down because of declining health conditions.

Fishman, who told staff in a letter that he was dealing with a "variant" of the neuromuscular condition ALS, will remain executive chairman. His replacement will be Alan D. Schnitzer, 49, who is currently CEO of Travelers' business and international insurance, the company's largest business segment.

According to a report, Fishman, 63, has led the company since 2001, "turning around the St. Paul Cos., acquiring Travelers in 2004, and skating through the financial crisis unscathed while rivals like AIG imploded. On Fishman's watch, Travelers' stock has outperformed Berkshire Hathaway and the Standard & Poor's 500 index."

Previously, Schnitzer headed two of the company's three business segments including business insurance and financial, professional and international insurance. 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.

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