- After about eight years in the position
- Praise and thanks for Robusto
- Doug Worman taking over
- Robusto will remain as Executive Chairman at CNA Financial
- Robusto kept it short and said 51 words
(exechange) — Chicago, Illinois, June 5, 2024 — Dino Robusto, chief executive of CNA Financial, is set to leave his position. His upcoming departure is made public at an early stage. As announced by CNA Financial Corp. in a news release and in a regulatory filing published on Wednesday, June 5, 2024, Dino E. Robusto leaves his post as chief executive officer at the commercial property and casualty insurance company, after about eight years in the role, effective December 31, 2024.
Dino Robusto’s duties as CEO will be taken over by Douglas M. (Doug) Worman, currently Executive Vice President & Global Head of Underwriting at CNA Financial Corp.
No reason given
In the announcement, CNA Financial did not explicitly explain the reason for the move.
Robusto will remain as Executive Chairman at CNA Financial
CNA Financial stated: “CNA Financial Corporation … announced today that Executive Vice President & Global Head of Underwriting Doug Worman will become President and Chief Executive Officer of the company as of January 1, 2025. At that time, Dino E. Robusto, the current Chairman and CEO, will transition to the role of Executive Chairman of CNA’s Board of Directors. In this role, Robusto will lead the board as well as serve as a strategic advisor to Worman in pursuit of the company’s objectives.”
“Transition”
CNA Financial said: “On June 5, 2024, the Registrant issued a press release announcing that, following the end of his current term in the role of Chief Executive Officer and Chairman of the Board of Directors of the Registrant on December 31, 2024, Dino E. Robusto will transition to a new role with the Registrant.”
Share price increase since June 2023
The announcement follows an increase in CNA Financial Corp.’s share price of 22% since June 2023.
In the position of CEO since 2016
Dino Robusto became CEO of the Company in 2016.
Robusto was appointed Executive Chairman of the Board of Directors of the Registrant effective January 1, 2025 and will remain employed by the Registrant in such role, serving as Executive Chairman of the Board and a strategic advisor to the Chief Executive Officer for a term of one year, ending on December 31, 2025.
Dino Robusto has served as Chairman of the Board and Chief Executive Officer since November 2016.
Prior to officially assuming the roles of Chairman and Chief Executive Officer of the Company, Robusto served in various senior management capacities at Chubb Limited, most recently as President of Commercial and Specialty Lines of the Chubb Group of Insurance Companies and Executive Vice President of Chubb Limited from 2013 until his retirement from Chubb in November 2015.
Prior to that, he was President of Personal Lines and Claims from 2011 through 2013.
Robusto joined Chubb in 1986.
He serves on the Board of Directors of Junior Achievement of New Jersey and formerly served on the Boards of Directors of Applied Systems Inc. and RAND Corporation’s Institute for Civil Justice, and on the Board of Advisors of Catalyst, Inc.
51 words by Dino Robusto
In the release announcing his departure as CEO of CNA Financial Corp., Dino Robusto received praise and thanks.
In the release announcing his departure as CEO, Dino Robusto kept it short and said 51 words.
“Confident in Doug’s ability”
Dino Robusto stated: “Doug is an exceptional underwriting executive and has strengthened and solidified CNA’s underwriting culture and profitability. Along with the board, I am confident in Doug’s ability to lead CNA forward. He builds excellent organizational talent, skillfully cultivates broker relationships, and drives innovation to deliver industry-leading products and services for business customers.”
The above text is an excerpt from the exechange report 24.2024 ($), publication date June 10, 2024.