Travelers Companies, Inc. said its long-time chief financial officer is stepping down.

Jay Benet plans to leave his role as CFO as of Sept. 1, a position he has held since 2002. At the same time, Benet will remain on the senior leadership team as vice chairman. He’ll also support the transition to his CFO successor, Daniel Frey and continue to advise other members of Travelers senior leadership, among other responsibilities.

Chairman and CEO Alan Schnitzer noted that Benet served as an indispensable CFO both to himself and his legendary predecessor, Jay Fishman, who died in 2016 from complications involving Lou Gehrig’s disease.

“Every milestone in the modern life of this company bears Jay Benet’s mark,” Schnitzer said in prepared remarks. “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.”

Frey will become executive vice president and chief financial officer as of Sept. 1. Right now, he is chief financial officer of the company’s Personal Insurance segment, having served in a number of other key financial management roles across Travelers over the past 15 years.

Schnitzer said that Frey “has a proven track record as a finance leader at Travelers. 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.”

Frey brings to his new role more than three decades of finance and accounting experience. Before his current position, he served as chief financial officer of the company’s Claim and Field Management organizations. Before joining Travelers, he served as chief financial officer of Spalding Sports Worldwide. He began his career in public accounting at Deloitte & Touche.