Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(b) On January 15, 2021, Chubb Limited ("Company" or "Chubb") announced that
Philip Bancroft, Executive Vice President of Chubb Group and Chief Financial
Officer, plans to retire from the role of Chief Financial Officer on July 1,
2021 after 19 years of service. Mr. Bancroft has served as Chief Financial
Officer of Chubb since January 2002.
(c) On January 15, 2021, the Company announced that Peter Enns has agreed to
join the Company on or before April 1, 2021 as Executive Vice President,
Finance, Chubb Group and to become Chief Financial Officer of Chubb upon
Mr. Bancroft's retirement.
Mr. Enns, age 55, has more than 30 years of finance and investment banking
experience. He spent over 20 years with Goldman Sachs (investment banking and
financial services) in various senior roles, including partner of the firm's
U.S. Financial Institutions Group based in New York, head of its Asia Financial
Institutions Group based in Hong Kong, and chief executive of its business
operations in Canada. More recently, Mr. Enns held a number of roles with HSBC
(banking and financial services), including his last assignment as Global
Co-Head of Investment Banking Coverage based in Hong Kong.
In connection with Mr. Enns's appointment he will be entitled to receive an
annual base salary of $880,000. He will have an annual "target" bonus of
$1,400,000 and a "target" annual equity award of $2,400,000, with actual awards
based on both individual and Company performance. He will also receive a monthly
housing allowance of $10,000 to $12,000. As a buyout or replacement of a portion
of his unvested deferred cash and equity and a bonus he is forfeiting upon
leaving HSBC, Mr. Enns will receive a special equity grant valued at $3,680,000
in the form of time-based restricted shares, with 25% vesting per year,
performance shares and stock options. Mr. Enns will also be eligible to
participate in the Company's other benefit plans and programs, such as
retirement plans, deferred compensation plans, incentive plans, health benefits
and relocation assistance.
Item 7.01 Regulation FD Disclosure
On January 15, 2021, the Company issued a press release announcing that
Mr. Bancroft, Executive Vice President of Chubb Group and Chief Financial
Officer, plans to retire from the Company on July 1, 2021 and that Mr. Enns has
agreed to join the Company on or before April 1, 2021 as Executive Vice
President, Finance, Chubb Group and to become Chief Financial Officer upon
Mr. Bancroft's retirement. A copy of the press release is attached hereto as
Exhibit 99.1 and incorporated into this Item 7.01 by reference.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1,
shall not be deemed "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the
liabilities under that Section and shall not be deemed to be incorporated by
reference into any filing of the Company under the Securities Act of 1933 or the
Exchange Act.
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Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number Description
99.1 Press Release, dated January 15, 2021, announcing the retirement of
Philip Bancroft and naming of Peter Enns as Chief Financial Officer,
each effective July 1, 2021
104 Cover Page Interactive Data File (the cover page XBRL tags are
embedded within the Inline XBRL document)
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