Travelers CFO Jay Benet leaves post at short notice

  • Push-out Score suggests push-out forces
  • After around 14 years in the position
  • Praise and thanks for Benet
  • Dan Frey taking over
  • Benet will remain as Vice Chairman at Travelers

(exechange) — Hartford, Connecticut, August 7, 2018 — Jay Benet, finance chief of Travelers, leaves the position. It is a change at short notice. As announced by The Travelers Companies, Inc. in a news release and in a regulatory filing published on Tuesday, August 7, 2018, Jay S. Benet leaves his post as Chief Financial Officer at the insurance company after around 14 years in the role, effective September 1, 2018.

It is the end of an era.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.8 years, according to data compiled by exechange. Only 24 percent of the CFOs who departed over the past 12 months left the position after more than 10 years.

Benet’s duties will be taken over by Daniel S. (Dan) Frey, currently Chief Financial Officer of the Personal Insurance segment of The Travelers Companies, Inc.

No reason given

In the announcement, Travelers did not explicitly explain the reason for Benet’s imminent move, leaving room for speculation.

Benet will remain as Vice Chairman at Travelers

“Benet will remain on the senior leadership team as Vice Chairman,” Travelers said.

“Step down”

Travelers said: “The Travelers Companies, Inc. … today announced that, effective Sept. 1, Jay S. Benet will step down from his role as Chief Financial Officer, a position he has held since 2002.”

Travelers further said: “Jay S. Benet, Vice Chairman and Chief Financial Officer of the Company, will step down from his role as the Chief Financial Officer effective September 1, 2018.”

Share price rise since December 2008

The change follows a rise in the share price of The Travelers Companies, Inc. since December 2008.

Chaired by Alan D. Schnitzer

The Travelers Companies, Inc. is chaired by Alan D. Schnitzer.

Alan Schnitzer is Chairman and Chief Executive Officer of Travelers, and serves on the company’s Board of Directors. Schnitzer joined Travelers in April 2007 as Vice Chairman and Chief Legal Officer.

In the position of CFO since 2004

Jay Benet is Vice Chairman and Chief Financial Officer of Travelers, a position he has held since August 2005.

He was Executive Vice President and Chief Financial Officer from April 2004, and held the same positions at Travelers Property Casualty from February 2002.

Benet was the worldwide head of financial planning, analysis and reporting at Citigroup from March 2001 until January 2002, and Chief Financial Officer for Citigroup’s Global Consumer Europe, Middle East and Africa unit between April 2000 and March 2001.

Previously, he spent 10 years in various executive positions with Travelers Life & Annuity, including Chief Financial Officer and Executive Vice President, Group Annuity from December 1998 to April 2000, and Senior Vice President, Group Annuity from December 1996 to December 1998.

Before joining Travelers Life & Annuity, Benet was a partner at Coopers & Lybrand (now PricewaterhouseCoopers).

As Vice Chairman, Benet will support the transition to Frey for a period of time and then take on a variety of responsibilities, including serving as a strategic advisor to the rest of the Travelers senior leadership team.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Jay Benet’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 33.2018 ($).