Travelers CEO to step down over health problems, to be succeeded by international unit chief

MarketsAssociated Press

The Travelers Cos. Inc. says that Chairman and CEO Jay S. Fishman will step down as CEO on Dec. 1 due to health problems. The company said Alan D. 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.

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Travelers posted on its website a letter from Fishman, telling employees he is dealing with a variant of Amyotrophic Lateral Sclerosis, also known as Lou Gehrig's disease. He said that although it is a progressive disease, he is "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.