Bermuda-based ACE Ltd. said yesterday that Chief Executive Officer Evan G. Greenberg will succeed Brian Duperreault as company chairman when Mr. Duperreault's term ends in May.
Mr. Duperreault, who will remain on the company board, said he was "proud to pass the reins" to Mr. Greenberg, whom he said had "proven his leadership through the performance of our company in aperiod marked by natural catastrophes and widespread industry investigations."
ACE also said that Robert Hernandez will remain as lead director of a board comprised primarily of independent directors.
Mr. Hernandez said that after Mr. Greenberg's election, he had earned theboard's trust and confidence "through three years of transition, industry change and team-building. The company's performance has been extraordinary."
He added that Mr. Greenberg's "election as chairman reflects our confidence in Evan and his management team to lead the company through the challenges and opportunities in the years to come." The ACE group of insurance andreinsurance companies is headed by ACE Ltd., with operating subsidiariesin more than 50 countries.
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