(Bloomberg) – Travelers Cos. said Doreen Spadorcia, who has been with the insurer for about 30 years, is retiring from her post as chief executive officer of personal coverage.
Spadorcia was a member of the management committee since 2005 and has led bond and specialty insurance, the New York-based insurer said Wednesday in a statement. Many of the departments that Spadorcia managed will now report to Chief Operating Officer Brian MacLean, and Travelers won't be seeking a replacement, according to Patrick Linehan, a company spokesman.
Alan Schnitzer became CEO of Travelers last year, taking over for longtime leader Jay Fishman, who stepped down amid health concerns. Fishman led the company through the financial crisis and into the Dow Jones Industrial Average. Travelers also said Wednesday that Greg Toczydlowski was named president of business insurance, which accounts for the biggest proportion of the firm's revenue. He will report to MacLean, Linehan said.
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