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August 5, 2015

Fishman to step down as Travelers CEO

Longtime Travelers Cos. CEO Jay S. Fishman said Tuesday that he will resign by the end of this year due to poor health conditions.

Fishman, who told staff in a letter that he was dealing with a  “variant” of the neuromuscular condition ALS, will step down as CEO Dec. 1, but 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.

Previously, Schnitzer 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.

 “Alan is the ideal executive to lead Travelers into its next chapter,” Fishman said. “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.”

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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