CNA Financial Corp. announced it has chosen a Chubb Corp. executive to succeed Stephen W. Lilienthal when he retires as chairman and chief executive officer on June 8, 2009.
Mr. Lilienthal's post will be filled by Thomas F. Motamed, 59, currently vice chairman and chief operation officer of Warren, N.J.-based Chubb.
Chicago-based CNA said Mr. Lilienthal, 58, will remain at the helm until Mr. Motamed joins the company.
In a statement, Chubb said Mr. Motamed will wait a year to begin work at CNA "in compliance with his compensation agreements with Chubb."
The company said Mr. Motamed is retiring from Chubb, where he spent 31 years, in two weeks. Since 2002, he has served as vice chairman and chief operating officer of Chubb Corp. and president and chief operating officer of Chubb & Son.
He joined Chubb in 1977 as a claims trainee and held positions of increasing responsibility until being named as the company's CFO in 2002.
"I am grateful for 31 very satisfying years at Chubb," said Mr. Motamed in a statement, "but the opportunity to become CEO of a publicly traded, well-known and respected insurer like CNA is one I did not want to pass up."
Mr. Lilienthal said in a separate statement: "I am pleased with the enormous progress the CNA team has made and I look forward to continuing this work over the next year. It has been an honor to lead CNA, and as I look toward retirement, I am pleased we have found a successor of Tom's caliber."
Mr. Lilienthal was named to his current post in 2002.
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