Jay Benet, the Chief Financial Officer (CFO) of the Travelers Companies, Inc., is to step down from the position, effective September 1st, 2018 and be replaced by Daniel Frey.
Benet has held the CFO position since 2002, and will remain on the company’s senior leadership team as Vice Chairman.
He is to be replaced by Frey, currently CFO of the firm’s Personal Insurance unit, having held a number of other key financial management roles across the firm over the last 15 years.
Travelers Chairman and Chief Executive Officer (CEO), Alan Schnitzer, commented: “Every milestone in the modern life of this company bears Jay Benet’s mark. His advice was indispensable to my predecessor Jay Fishman for over a decade, and he has been a key partner, mentor and friend to me for more than 10 years.
“I am deeply grateful for all that he has contributed to this company, and we are fortunate that he will continue to serve as a member of the senior leadership team.”
Frey will assume the position of Executive Vice President (EVP) and CFO, and brings more than 30 years of industry experience to the role. Prior to his current role, Frey was CFO of the firm’s Claim and Field Management businesses, and prior to Travelers, he was CFO of Spalding Sports Worldwide.
Schnitzer, added: “Dan has a proven track record as a finance leader at Travelers. His deep technical expertise, strategic mindset and collaborative style make him the perfect candidate to assume the role as our next CFO as we execute on our perform and transform strategic agenda. I couldn’t be more pleased to have Dan as a partner as he joins our senior leadership team.”
Benet will support Frey’s transition into the company CFO role before taking on a range of responsibilities, which includes serving as a strategic advisor to the Travelers senior leadership team.