Summary
The Travelers Companies, Inc. (TRV) filed an 8-K on August 7, 2018, to announce significant executive leadership changes within its finance department. Jay S. Benet will step down as Chief Financial Officer (CFO) effective September 1, 2018, but will remain with the company as Vice Chairman on the senior leadership team. This transition marks a change in responsibilities and compensation for Mr. Benet. Succeeding Mr. Benet as CFO is Daniel S. Frey, currently Senior Vice President and CFO for the Personal Insurance segment. Mr. Frey, with extensive experience within the company since 2003, will assume the CFO role on September 1, 2018. The filing outlines the adjusted compensation for both executives following these role changes, reflecting their new positions and responsibilities.
Key Highlights
- 1Jay S. Benet will transition from Chief Financial Officer (CFO) to Vice Chairman, effective September 1, 2018, remaining part of the senior leadership team.
- 2Daniel S. Frey will be appointed as the new CFO, effective September 1, 2018.
- 3Mr. Frey has been with The Travelers Companies since 2003 and has held various finance leadership roles, including CFO of the Personal Insurance segment.
- 4Mr. Benet's annual base salary will be reduced to $722,500 from $850,000 upon stepping down as CFO, with continued eligibility for performance-based bonuses and long-term incentives, adjusted for his new role.
- 5Mr. Frey's annual base salary will be increased to $650,000 in his new role as CFO, with continued eligibility for performance-based bonuses and long-term incentives, adjusted for his new responsibilities.
- 6The company announced these changes via a press release dated August 7, 2018, which is attached as an exhibit to the filing.