Travelers Names Schnitzer Unit CEO as Cunningham Departs

Jun 10, 2014 10:28 am ET

(Updates with executive’s ages throughout, shares in fifth paragraph.)

June 10 (Bloomberg) -- Travelers Cos., the lone property insurer in the Dow Jones Industrial Average, promoted Alan Schnitzer to chief executive officer of the newly created business and international insurance segment.

Travelers CEO Jay Fishman is consolidating duties among managers amid the departure of Bill Cunningham, 49, who was executive vice president of business insurance and decided to “pursue other opportunities,” the New York-based company said in a statement today. Schnitzer, 48, maintains responsibility for international operations while adding oversight of business coverage.

Management of financial products was handed to Doreen Spadorcia, 56, who still runs personal insurance and was also given the title of unit CEO. Chief Operating Officer Brian MacLean will oversee the two new CEOs.

“They have both demonstrated exceptional management skills, judgment and dedication,” Fishman, 61, said in the statement. “Their expanded responsibilities will enable them to play even greater roles in the future success of our organization.” The promotions are effective July 1, Travelers said.

The insurer advanced 21 cents to $94.87 at 9:57 a.m. in New York. Travelers has climbed 4.8 percent this year, beating the 2 percent gain in the Dow.