The Travelers Cos. Inc. earlier this week announced that Jay S. Benet will step down from his role as CFO, effective Sept. 1. Benet, who has held the position since 2002, will remain on the senior leadership team as vice chairman.

Daniel S. Frey, the current CFO of Travelers’ personal insurance segment, will succeed Benet and become executive vice president and CFO. He has served in a number of other key financial management roles across Travelers over the past 15 years.

“Every milestone in the modern life of this company bears Jay Benet’s mark,” Alan Schnitzer, CEO and chairman of Travelers, said in a statement. “His advice was indispensable to my predecessor Jay Fishman for over a decade, and he has been a key partner, mentor and friend to me for more than 10 years. I am deeply grateful for all that he has contributed to this company, and we are fortunate that he will continue to serve as a member of the senior leadership team.”

As vice chairman, Benet will support the transition to Frey for a period of time and then take on a variety of responsibilities including serving as a strategic advisor to the rest of the Travelers senior leadership team.

Frey brings to his new role more than three decades of finance and accounting experience. Prior to his current role, Frey served as CFO of the company’s claim and field management organizations. Before joining Travelers, he served as CFO of Spalding Sports Worldwide. He began his career in public accounting at Deloitte & Touche. Frey received a bachelor’s degree in accounting from the University of Connecticut.

“Dan has a proven track record as a finance leader at Travelers,” said Schnitzer. “His deep technical expertise, strategic mindset and collaborative style make him the perfect candidate to assume the role as our next CFO as we execute on our perform and transform strategic agenda. I couldn’t be more pleased to have Dan as a partner as he joins our senior leadership team.”