Zurich Insurance Group has announced that following the resignation of
Zurich North America CEO Mike Foley, current North America Alternative Markets unit president Kathleen Savio will be his successor.
A release said that the leadership change will take effect on January 01, 2018.
Foley has served as CEO of Zurich North America since 2008. He joined Zurich in 2006 as chief operating officer of the company’s North America business unit.
Zurich said in a release that it would remain connected to Foley through his participation in several of the company’s US boards. The company also hinted that it is looking to possibly collaborate with any of Foley’s future ventures.
Search and compare product listings for D&O Insurance from specialty market providers here
“Mike transformed our US businesses through a series of underwriting, operational and technology initiatives, and leaves behind a proud legacy of accomplishment,” said Zurich Group CEO Mario Greco. “We are grateful for the tremendous impact he has had on Zurich’s success, and are excited for him as he embarks on his next chapter.”
Savio, meanwhile, has held her current position since 2012. She joined Zurich in 1991, and has since been vice-president corporate and marketing communications and vice-president of strategic initiatives. She also serves as chair of the Z Zurich Foundation, is an executive sponsor of Zurich’s LGBT employee resource group, and is a member of The Chicago Network.
“Kathleen is precisely the type of new-thinking people-focused business leader we need to lead our North American operations in this next phase,” said Greco. “She understands what it takes to grow a successful insurance business, has direct experience with various business models, and drives an unrelenting performance culture among her teams. She’ll be a welcome addition to our global executive management team.”
Savio will join the company’s executive committee on October 01, 2017 as Zurich North America CEO-Designate. She will work closely with Foley before assuming her role as CEO next year.
The appointment is subject to regulatory approval.
Related stories:
Zurich reportedly planning HQ job cuts
Zurich turns to artificial intelligence
