Chartis Realigns Global Business Units Amid Departure of Key Executive

Chartis said it is streamlining its geographic structure to add greater focus on its growth economies initiatives. The move comes amid the departure of Chartis Growth Economies CEO Julio Portalatin, who is leaving the company to lead Marsh & McLennan Companies’ Mercer unit. Portalatin had overseen Chartis’ emerging-markets business in regions including Asia, Latin America, Africa and the Middle East.

Under the realignment, Chartis will streamline its previous four major global geographic areas into three: the Americas, Asia and EMEA (Europe, Middle East and Africa).

“This simplified structure will permit closer coordination of the regions with the commercial and consumer teams, and it will allow us to put greater emphasis on growth economy nations by aligning them under our top regional executives,” said Peter Hancock, CEO of Chartis.

“Profitable growth in developing countries is an essential component of our strategic plans to create greater value for all of Chartis’ stakeholders,” Hancock said.

“As Chartis continues to evolve as a company, we are deploying our global resources in a manner that will create a more efficient regional framework to improve delivery of our insurance solutions and add value for our customers.”

Under the realignment, Peter Eastwood, president and CEO of the U.S. and Canada, will assume responsibility for the Americas, which includes the U.S., Canada, Latin America and Bermuda. Jose Hernandez, president and CEO of the Far East region, will now have responsibility for Japan and Chartis’ Asia Pacific region.

Also, Robert Schimek has been named president and CEO of EMEA, with responsibility for Europe, the Middle East and Africa. Schimek had been Chartis’ chief financial officer for the past six years. James Bracken, who has served as a deputy chief financial officer for Chartis, has been promoted to chief financial officer for Chartis and will report to David Herzog, chief financial officer for AIG.

Additionally, Alexander Baugh will become Chartis’ chief risk officer and head of strategic planning, reporting to Sid Sankaran, AIG’s chief risk officer. In this capacity, Baugh will lead Chartis’ efforts to improve its risk profile, and to drive its strategic plans. Baugh had been president and CEO of Europe since Chartis’ restructuring last year.