Alva O. Way, who helped engineer Travelers Corp.'s expansion from insurance into financial services, has resigned as president "for personal reasons," the Hartford, Conn.-based company said Thursday.
Edward H. Budd, chairman and chief executive, will assume the additional title of president, according to a brief statement from the company.
Way, 55, will continue as a director and as chairman of the board's finance committee and will act as a consultant, the statement said.
The company would not elaborate on Way's reasons for departing from the post that he had held for just under two years. "Mr. Way made a personal decision that he cannot devote full time to demands required by this job," a spokeswoman said, reading from a company statement.