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Xerox Shifts Management at Crum & Forster

October 10, 1985|BRUCE KEPPEL

Xerox, which last week reported that losses from its insurance operations will probably result in a third-quarter loss, on Wednesday announced a shake-up of management of its Crum & Forster subsidiary, based in Morris Township, N.J.

Under the changes announced by David T. Kearns, Xerox chairman and chief executive, Melvin Howard became chairman and chief executive of Crum & Forster, succeeding John K. Lundberg, who resigned. Sidney F. Wentz, C&F president, was named chief operating officer, turning over his responsibilities as chief financial officer to John J. McGinty, formerly Xerox vice president and treasurer.

James J. Cutro, C&F's senior executive vice president, became vice chairman and chief administrative officer. Vice Chairman Donald H. McComber announced his retirement. Howard, Wentz, McGinty and Cutro make up a new executive office to direct the management of Crum & Forster's insurance subsidiaries.

In addition, Kearns announced formation of a new management committee that includes the four executive-office members and Ian R. Heap and Jeffrey J. Park, C&F senior vice presidents; William E. Buckley, chairman of U. S. Insurance Group; Robert A. Puccinelli, newly named chairman of Industrial Indemnity; Joe L. Stinnette Jr., chairman of C&F Personal Insurance, and Robert J. Vairo, chairman of C&F's underwriters group.

Last week, Xerox said it will take a $160-million charge against third-quarter earnings to close down San Francisco-based Industrial Indemnity Financial Corp. and to shore up reserves for another unit, Chicago-based L. W. Biegler. Xerox also said it would add $200 million in capital to Crum & Forster and its 23 insurance subsidiaries to provide for future growth.

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