XL Capital, a global insurance and reinsurance company, has appointed Irene Esteves as executive vice president and chief financial officer (CFO). Ms Esteves will join the company on May 17.

Ms Esteves, who has more than 20 years of experience in financial, strategic M&A and investment risk management at US and global companies, will assume CFO responsibilities from Simon Rich, XL’s corporate controller, who is also serving as interim chief financial officer. Ms Esteves will report to CEO of XL, Mike McGavick, and will serve on XL’s leadership team.

Ms Esteves held the position of senior executive vice president and CFO of Regions Financial. Prior to Regions, she was senior vice president and CFO of Wachovia’s Capital Management Group. From 1997 to 2004 she was the CFO of Putnam Investments in Boston, Massachusetts. Earlier, Ms Esteves was vice president corporate strategy, controller and head of international finance at Miller Brewing, in Wisconsin.

Mr McGavick said: “We are thrilled to have Ms Esteves join XL. Out of many extraordinary candidates for this position, she offers the perfect balance of technical experience, global expertise, and strategic vision. These attributes as well as her broad-based financial and strategic management knowledge and experience make her, I believe, the perfect choice for CFO and a welcomed addition to XL’s leadership team.

We are also grateful to Mr Rich for admirably performing in two significant roles. His willingness to assume the CFO duties and responsibilities in addition to serving as corporate controller speaks volumes of his commitment to XL and the high regard in which he is held by his colleagues.”