Alan Schnitzer has been unanimously elected as the Travelers Companies Board of Directors’ next Chairman, set to succeed John Dasburg, who is returning to a role as independent Lead Director.
Dasburg, commented; “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.
“Since Alan became CEO, the company has strengthened its competitive advantages and meaningfully advanced its strategic digital and innovation agendas while continuing to deliver industry-leading financial results. Alan’s vision will guide the company in remaining an industry leader and seizing the opportunities that change presents.”
Schnitzer, who is being promoted to Board of Directors Chairman from a position as Chief Executive Officer (CEO), said; “I am honored and grateful for the Board’s support and confidence to succeed John as Chairman. John played an important role following the loss of our former Executive Chairman Jay Fishman. I am thankful for John’s leadership and pleased that the Board will continue to benefit from his insight and guidance.
“With the support of the Board, 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 announced the additional election of Clarence Otis Junior to the Board of Directors as a member of the Compensation, Investment and Capital Markets and Nominating and Governance Committees, with immediate effect.
Otis is the former Darden Restaurants Chairman and CEO.
