St Paul Travelers to Reduce Board to 13

The St. Paul Travelers Companies, Inc. (NYSE:STA) announced yesterday that the company intends to reduce the number of Directors on its Board from the current 23 members to a preliminary target of 13 members. The reduction in the size of the Board will take place in connection with the 2005 annual meeting of shareholders. The existing Board membership was determined in connection with the merger that combined The St. Paul Companies, Inc. and Travelers Property Casualty Corp. in April of this year. According to the company's by-laws, the Governance Committee of the Board is required to comp...