Former Travelers Cos. chairman and chief executive Robert I. Lipp will leave the Travelers board when his term expires, the Hartford insurer said.
Lipp, 70, notified Travelers he won’t stand for re-election at the company’s 2010 annual meeting, Travelers said in a recent Securities and Exchange Commission filing.
In the filing, Lipp stressed his departure is voluntary and is not due to any disagreement with Travelers’ management or its directors.
Travelers praised Lipp in the filing for “his years of dedicated service to the company and the board.”
Lipp was CEO of Travelers Property Casualty Corp. from December 2001 to 2005, and chairman from 2004 to 2005. He was at the helm in 2003 when Travelers completed its $16 billion merger with insurer St. Paul Companies based in Minnesota.
Lipp also is a former banker, serving as a senior executive for years with former Chemical Bank and later at Citigroup.
He currently is a senior advisor with Brysam Global Partners, a New York private equity firm, and a director at Accenture Ltd.
