XL CFO Peter Porrino to retire, successor named

XL Group Ltd. on Wednesday said Chief Financial Officer Peter Porrino is retiring effective May 1 and will be succeeded by the group's controller, Stephen Robb.

Mr. Porrino, who joined Hamilton, Bermuda-based XL in 2011 and is based in Stamford, Connecticut, will to continue to work with the insurer as a part-time adviser to CEO Mike McGavick, XL said in a statement.

Since joining the company in 2004, Stamford-based Mr. Robb has held various progressively senior leadership positions. Prior to joining XL, he worked in the insurance practice of PricewaterhouseCoopers L.L.P. As CFO, he will report to Mr. McGavick and join XL’s leadership team, according to the statement.

In the statement, Mr. McGavick thanked Mr. Porrino for his service to the company, praised him as “my partner and a valued friend” and said, “I look forward to continuing to work with Pete in his new capacity as an adviser to me and the company.”

“There are few that understand the way XL is built as deeply as Steve,” Mr. McGavick said of Mr. Robb, “and we're confident that he will only continue the transformation of the CFO role that Pete has led."