The Travelers Cos. Inc. says that Chairman and CEO Jay S. Fishman will step down as CEO on Dec. 1 due to health problems.
The company said Alan D. Schnitzer, head of the insurance company's business and international insurance unit, will succeed Fishman as CEO.
The New York-based company said Tuesday that the 62-year-old Fishman will stay on as executive chairman.
Travelers posted on its website a letter from Fishman, telling employees he is dealing with a variant of Amyotrophic Lateral Sclerosis, also known as Lou Gehrig's disease. He said that although it is a progressive disease, he is "more than able to play an active role in Travelers' future."
The 49-year-old Schnitzer joined Travelers in 2007 and serves on the Securities and Exchange Commission's Investor Advisory Committee created by the Dodd-Frank Act.