New York-based Travelers has announced that, effective September 1, Jay Benet will step down from his longtime position as chief financial officer. Succeeding him will be Daniel Frey, currently CFO of Travelers' personal insurance segment.The 65-year-old Mr. Benet, who has been CFO since 2004, held the same job at the company's predecessor Travelers Property Casualty beginning in 2002. Previously, he was world-wide head of financial planning, analysis and reporting at Citigroup Inc.
Mr. Benet will remain with Travelers as vice chairman, according to a company statement.
Mr. Benet's successor, Daniel Frey, is 54. Mr. Frey is currently the chief financial officer of the Travelers' personal insurance segment and has been with the company for 15 years. Before joining Travelers in 2003, Mr. Frey was CFO of Spalding Sports Worldwide. "The transition was part of our thoughtful, long-term succession planning and we're fortunate to have such a deep bench of talent," said Patrick Linehan, a spokesman for Travelers.
Travelers, part of the Dow Jones Industrial Average, is among the largest sellers of insurance to U.S. businesses and sells car and home insurance to individuals and families.