Liberty Mutual chairman and CEO David H. Long announces retirement
Liberty Mutual announced that Chairman and Chief Executive Officer David H. Long will retire at the end of 2022 and serve as the company’s Executive Chairman of the Board of Directors. The organization’s Board of Directors appointed Timothy M. Sweeney Chief Executive Officer effective January 2023. He also becomes a member of the Board of Directors effective immediately.
Long has been at Liberty Mutual for 37 years, becoming President in 2010, Chief Executive Officer in 2011 and Chairman in 2013. Under his leadership as CEO, Liberty Mutual has grown to the sixth-largest global property and casualty (P&C) insurer and has been recognized with numerous awards for its philanthropic, workplace culture, and diversity, equity and inclusion (DEI) efforts. Long’s notable contributions include:
- Building strong financial growth and stability, including $156 billion of assets (+33%), $39.8 billion in capital (+78%) and $48.2 billion (+39%) in revenues.
- Strategically positioning the company in key markets with major acquisitions, including Ironshore, AmTrust Financial Services, State Auto Group and AmGeneral, which the company announced its application for regulatory approval to acquire in 2021.
- Focusing on key Environmental, Social and Governance (ESG) transformation by creating the Offices of DEI and Sustainability, launching the annual ESG report and announcing DEI representation goals.
- Improving the lives of the community’s most vulnerable through nearly $600 million in total giving; the creation of Liberty Torchbearers with a record 75% employee giving/service participation rate supporting more than 12,000 non-profit organizations; and a four-fold increase in charitable giving through the Liberty Mutual Foundation to an annual distribution of $50 million.
“Liberty Mutual has been a part of my life for nearly four decades. The company has experienced significant change, challenges and transformation over the years, and I’m fortunate to have been a part of it all,” said Long. “Tim is an outstanding leader who will continue to drive the organization forward, harnessing the strength of our global organization. I’m extremely grateful to our employees as they are what makes this an exceptional place to work by doing what’s right for our customers, partners, communities and each other.”
“David has shaped Liberty Mutual into a world-class P&C provider that is stronger than ever and will be there for its customers into the future,” said the company’s Lead Director Bill Van Faasen. “He’s driven immense growth for the organization while prioritizing the company’s identity and values. David believes in putting people first and leading with empathy and transparency, and the Board thanks him for his dedication to the company. We have tremendous confidence in Tim and know he will continue to lead Liberty Mutual forward.”
Outside of Liberty Mutual, Long serves on the Board of Directors of multiple organizations, including Eversource Energy, Massachusetts Competitive Partnership, Tamarack Technologies, Ford’s Theatre in Washington, D.C., and Massachusetts General Hospital, where he also acts as Chairman for its annual Aspire gala fundraiser to benefit children and young adults on the autism spectrum. He also serves on the MIT President’s CEO Advisory Board and is Chair of the Board of Trustees for his alma mater Hartwick College. In recognition of his philanthropic leadership, he was honored by the Boston-based USS Constitution Museum and Bridge Over Troubled Waters, a non-profit that services homeless and high-risk youth and is supported by the Liberty Mutual Foundation.
Sweeney becomes the 10th CEO in Liberty Mutual’s 110-year history and has been at the company for nearly 30 years. He was appointed President in 2021, overseeing the organization’s three business units — Global Risk Solutions, Global Retail Markets (GRM) and Liberty Mutual Investments. Sweeney previously served in a variety of senior leadership positions, including President, in GRM — the company’s global personal and small commercial insurance division.
“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,” said Sweeney. “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.”
Sweeney, who is based in Boston, is passionate about DEI and is the co-executive sponsor of Liberty Mutual’s Employee Resource Group focused on people with disabilities and those who are caregivers, family members and allies. He is also on the Board of Directors of Blue Cross Blue Shield of Massachusetts, the Statue of Liberty-Ellis Island Foundation, Inc., the Massachusetts General Hospital annual Aspire gala fundraiser, as well as the Executive Committee of the Board of the Massachusetts Business Roundtable. Sweeney holds a Master of Business Administration from Harvard Business School, a Bachelor of Arts in economics from Harvard University and is a graduate of Lowell High School in Lowell, Massachusetts.