Berkley founder to step down as CEO, remain chairman

William R. Berkley will step down as CEO of W.R. Berkley Corp. on Oct. 31.

A company spokeswoman said that Mr. Berkley will continue as chairman of the Greenwich, Conn.-based insurer. Mr. Berkley will turn 70 in October.

Mr. Berkley's son W. Robert Berkley Jr., who is currently president and chief operating officer of the company, is expected to succeed his father as CEO, according to the spokeswoman.

Mr. Berkley founded the company in 1967.