Insurance News

Liberty Mutual Announces Major Changes to Its Executive Team

Agency Height

February 10, 2023

The Liberty Mutual executive team is undergoing a significant change, with key profile hires announced in recent weeks. The company has recently been hit with several key departures, including CEO David H. Long and two other high-level managers who will exit by year-end.

Liberty Mutual chairman and CEO David H. Long, who announced his retirement earlier this month, stated that he will hand over the CEO reins to Timothy M. Sweeney in January 2023. Liberty Mutual has become the world’s sixth-largest property and liability insurer over Long’s extended stint as CEO. In the company’s 110-year history, Sweeney will become the 10th CEO.

Monica Caldas has been named Executive Vice President and Chief Information Officer, starting January 2023. Caldas will join the company’s executive leadership team and report to Tim Sweeney, the company’s incoming CEO.

Caldas was promoted to deputy CIO in March and was in charge of the organization’s three business groups’ technological roadmaps: Global Risk Solutions, Global Retail Markets (GRM), and Liberty Mutual Investments. She formerly served as GRM’s senior vice president and global CIO.

Caldas’ appointment comes after James McGlennon, the current executive vice president and CIO, announced his retirement by the end of 2022. McGlennon joined Liberty Mutual in 2007 and served as CIO of agency markets for two years, helping the company gain a spot on Computerworld’s “Best Places to Work in IT” list.

Damon Hart has been appointed as secretary of Liberty Mutual, with a start date of January 2023. Hart’s current responsibilities as executive vice president and the chief legal officer will be supplemented by this new post, and he will report to incoming CEO Tim Sweeney.

Hart joined the insurance company in 2014 and recently served as deputy chief legal officer. He was also a senior vice president and deputy general counsel for litigation and coverage at the company. Hart had also worked as a deputy general counsel for employment law for several years.

Hart will succeed Mark Touhey, who has announced his retirement at the end of 2022 as executive vice president, corporate secretary, and chief of staff to the CEO. For the past 28 years, Touhey has worked with Liberty Mutual, holding senior leadership positions in the Global Risk Solutions business unit and the talent and enterprise services and corporate finance departments.

Sweeney said in a statement announcing his appointment, “It is truly an honor to succeed David and lead this incredible company of 47,000 global employees – each of whom brings their full commitment to deliver for our customers every day. I’m grateful to David, the Board and the entire Liberty Mutual community for their confidence and support. I look forward to continue building on our great success as we begin this next chapter of the company’s future together.”

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