Alan Schnitzer will succeed Fishman as CEO.
The Travelers Inc. said that Chairman and CEO Jay Fishman will step down as CEO on Decemeber 1 due to health problems.
The company said Alan Schnitzer, head of the insurance company's business and international insurance unit, will succeed Fishman as CEO.
The New York-based company said Tuesday that the 62-year-old Fishman will stay on as executive chairman.
Travelers posted a letter to employees from Fishman on its website:
Given the progression of the symptoms I have been experiencing since informing all of you of my illness, it appears likely that I am dealing with a variant of Amyotrophic Lateral Sclerosis, or ALS. While this is a progressive disease, anyone who has seen me can tell you that I am more than able to play an active role in Travelers’ future.
The 49-year-old Schnitzer joined Travelers in 2007 and serves on the Securities and Exchange Commission's Investor Advisory Committee created by the Dodd-Frank Act.
This report contains information from The Associated Press.
