AIR Worldwide announces leadership changes

BOSTON--S. Ming Lee will succeed Karen Clark as president and chief executive officer of AIR Worldwide Corp., the catastrophe modeler announced Thursday.

Ms. Clark, who founded the Boston-based unit of Insurance Services Office Inc. in 1987, will assume the job of vice chairman of AIR's board of directors.

She and Mr. Lee, currently AIR's executive vp, will assume their new duties April 15.

"I've decided the time is right for me to rebalance my activities and pursue new challenges," said Ms. Clark in a statement announcing the changes.

"With AIR's rapid growth worldwide, it is critical to appoint a leader who knows the industry and can continue to deliver the level of service that AIR clients expect," she said. "Ming has been instrumental in growing AIR's revenues and brings outstanding experience in building and expanding the capabilities of our software products and services group."