CALIFORNIA - News from Feb. 1, 1985
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Fireman’s Fund Insurance Cos., the insurance arm of American Express Co., has once again reached outside the tradition-steeped industry to make a key assignment.
Chairman and Chief Executive William M. McCormick, who until about a year ago headed American Express Travel-Related Services Co., named the former president of Philip Morris U.S.A., Shepard P. Pollack, as president and chief executive of Fireman’s Fund American Life Insurance Co., based in Novato.
Pollack, 56, succeeds Edwin F. Cutler, who retired effective Thursday after heading the company for the last nine months. He will report to McCormick.
American Express had dispatched McCormick, 44, to take over the ailing Fireman’s Fund property-casualty unit only days after it had been forced to pump $230 million into Fireman’s Fund’s reserves. McCormick quickly picked two other non-insurance executives to help streamline the 122-year-old company.
Before assuming the presidency of Philip Morris in 1978, Pollack had served as its chief financial officer. His experience in both the managerial and financial areas particularly meet Fireman’s Fund’s present needs, McCormick said.
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