Unico American Corp. said its board late Monday elected Cary L. Cheldin its chairman and chief executive, effective April 1.

Cary Cheldin, who also will hold the title of president, succeeds his father, Erwin Cheldin, who is retiring from the Woodland Hills property and casualty insurer.

Erwin Cheldin, 77, a company founder who also holds all three executive titles, will remain a board director.

Cary Cheldin, 52, has spent his entire career at Unico, where he began 29 years ago as a retail sales representative. He has been executive vice president since 1991. He serves on professional and community boards, and is chairman of the Association of California Insurance Companies.

“I am grateful to Unico’s board of directors for this opportunity to continue the work Erwin began 40 years ago,” he said in a statement. “I am confident we are in position to build on our solid foundation as we work through the current environment.”

Unico shares closed down 4 cents to $7.02 on the Nasdaq.