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Travelers Cos. CEO named chairman

The board of Travelers Cos. Inc. unanimously elected CEO Alan Schnitzer chairman, effective Aug. 2.

Schnitzer succeeds John Dasburg, who will become independent lead director.

The board also elected Clarence Otis Jr. director. The appointment takes immediate effect and increases the board size to 13 from 12. Otis was previously Darden Restaurants Inc.'s chairman and CEO.