Chubb CEO Finnegan Adds Chairman Hat
NU Online News Service, Dec. 5, 12:10 p.m. EST?The Chubb Corporation said today its board of directors has elected chief executive officer John Finnegan to the additional position of chairman of the board, succeeding Joel Cohen.[@@]
With Mr. Finnegan now also taking on the chairman role, Mr. Cohen will resume his previous position of lead director, the company said.
Mr. Finnegan was named CEO of the Warren, N.J.-based insurer on Dec. 1, 2002. Mr. Finnegan's appointment to the top executive post at Chubb followed the retirement of Dean O'Hare, former chairman and CEO.
Mr. Cohen stated that, at that time, the corporate board felt it would be useful to have a separate chairman to "help acclimate" the new CEO.
"After seeing John in action for a year, the board decided to award him the additional post as chairman," he said.
Most recently, in its 2003 third quarter, Chubb Corp. reported a recovery in its quarterly financial results. The company posted net income of $259.8 million for the 2003 third quarter, reversing a net loss of $242.1 million from one year ago when it took a $625 million pre-tax charge to boost asbestos and environmental reserves.
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