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Mike Foley will retire as CEO of Zurich North America at the end of the year and will be succeeded by Kathleen Savio, president of its alternative markets unit, Zurich Insurance Group Ltd. said in a statement Wednesday.
The change will take effect on January 1, 2018, the company said, and Ms. Savio will become North America CEO-Designate and join Zurich’s executive committee on Oct. 1, 2017, all subject to regulatory approval, the statement said.
Mr. Foley joined Zurich’s Schaumburg, Illinois-based North American unit from McKinsey & Co. in 2006 as chief operating officer. He has held various executive roles at the insurer, including CEO of its North America commercial unit before being named CEO North America in a company reorganization last year. The reorganization followed the appointment of Mario Greco as group CEO of Zurich following a tough 2015.
In an email, Mr. Foley said: "The industry is going through rapid change. I look forward to staying connected to Zurich through participation on several of its U.S. boards and possible collaboration in the insuretech space during this exciting period of transformation."
Zurich's group CEO, Mario Greco, said in the statement: “Mike transformed our U.S. businesses through a series of underwriting, operational and technology initiatives, and leaves behind a proud legacy of accomplishment.”
Ms. Savio, who “will work closely with Mr. Foley before assuming the CEO role,” assumed her current position in 2012, and over the past year oversaw the integration of Rural Community Insurance Services, one of the largest crop insurance providers in the United States, the statement said.
Prior to leading Alternative Markets, Ms. Savio served as chief administrative officer for Zurich North America. She joined Zurich in 1991.
Ms. Savio was also named one of Business Insurance’s 2015 Women to Watch.
Zurich North America said Thursday it is merging its special products business with its North America commercial business insurance unit as it continues to “simplify and strengthen” its organization.