Chubb Chairman and CEO Evan Greenberg insists that just 60 mid-level managers have departed since the insurer’s now-completed $30 billion merger with ACE Ltd. was first announced a little over a year ago. In citing that figure, the outspoken executive countered speculation about an M&A-related executive brain drain.
“It is too much time and gossip,” Greenberg said during Chubb’s July 27 Q2 earnings call with analysts. “Since the acquisition was announced on the legacy Chubb side, in over a year, we lost at mid-level ranks [just] 60 people.”
Of that number, Greenberg said that the post-merger Chubb lost between 30-35 people that it did not want to lose.
“Now that grinds on me, Greenberg said. “However, that is out of 31,000 people around the world. That is not a very big number. Word of exodus of people … I don’t even relate to that. The stability is tremendous and the depth of talent here is great.”
Greenberg noted that if an executive departs, “there is someone else eager to take that opportunity and move along.”
The number of departing executives may be small compared to total number of employees, but the combined ACE/Chubb has led to some cherry-picking by rivals.
Among the notable departures: Dino E. Robusto. Robusto had spent nearly 30 years at The Chubb Corp., most recently as executive vice president of Chubb and president of Commercial and Specialty Lines. With the merger in play, he was slated to become co-president of the new Chubb’s North America Insurance division as well as an executive vicve president. In November, CNA Financial Corp. announced his appointment as its new chairman and CEO.
CNA went on to grab a number of Chubb veterans for various leadership positions.
To be sure, Chubb has done its own share of hiring from rivals. Recently, it hired three former AIG executives tasked with leading an expanded U.S. trade credit team.