AIR Worldwide founder Karen Clark will leave her post as chief executive officer to become vice chairman of the board, the company announced.

S. Ming Lee, currently the company's executive vice president, will succeed her as president and chief executive officer on April 15, AIR said.

“I've decided the time is right for me to rebalance my activities and pursue new challenges,” said Ms. Clark. In 1987, Ms. Clark became a pioneer in developing probabilistic catastrophe modeling techniques changing how insurers, reinsurers and financial institutions manage their catastrophe risk, her company said.

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