Corporate Leaders

Alan Schnitzer to take over as CEO of Travelers Companies

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Travelers Cos. announced on Tuesday that Alan D. Schnitzer will succeed Jay S. Fishman as CEO effective Dec. 1 of this year. Schnitzer has also been appointed to the company's board of directors.

Fishman will take the role of executive chairman following the move.

Schnitzer, 49, last served as CEO of Travelers' Business and International Insurance, the company's largest business segment. Before that, he headed the Financial, Professional and International Insurance segment. He joined the company in April 2007.

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"Alan is well prepared to build on our strong record, and the board and I agree that it is the right time to appoint a new leader," Fishman said in a release. "While the physical symptoms of my neuromuscular condition continue to progress, I am committed to actively engage as our executive chairman and am pleased to continue supporting Alan and the rest of our outstanding senior team."

Shares of the company were unchanged in extended-hours trading.

The Travelers Cos. sells property casualty insurance for auto, home and business. It currently employs about 30,000 workers.

Fishman sent a letter in November 2014 to his employees informing them of his neuromuscular condition, which he called "so far slow progressing." At the time of the letter, Fishman said, "You should know that I feel good and, with the full support of our board of directors, nothing about this circumstance changes my ability or plan to continue as chairman and CEO. I remain fully engaged and committed."