Home NEWS Swiss Re board chair stepping down – returning to UBS as CEO

Swiss Re board chair stepping down – returning to UBS as CEO

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“He’ll succeed Ralph Hamers, who has agreed to step right down to serve the pursuits of the brand new mixture, the Swiss monetary sector, and the nation. Ralph Hamers will stay at UBS and work alongside Sergio P. Ermotti as an advisor throughout a transition interval to make sure a profitable closure of the transaction and a clean hand-over.”

What the appointment means for Swiss Re

Earlier this month, Swiss Re’s board proposed Ermotti’s re-election as chair on the reinsurance big’s shareholders assembly on April 12. Nonetheless, following the CEO appointment, Swiss Re unveiled a transition plan in response to Ermotti’s upcoming transfer. 

“The Swiss Re board has nominated Jacques de Vaucleroy as new vice chairman and lead impartial director topic to his re-election as board member by shareholders, efficient post-AGM,” mentioned the reinsurer in a launch.

“To completely think about his function at UBS, Sergio P. Ermotti intends to step down after the AGM and a brief handover interval. The board of administrators will instantly begin the search to establish a successor. Within the interim, Jacques de Vaucleroy will chair the board of administrators till a brand new chairperson has been elected by a rare assembly of shareholders.”

On the board’s behalf, present vice chair Renato Fassbind thanked Ermotti for his vital contributions and devoted management during the last two years, whereas wishing him “all the perfect” for the brand new challenges and alternatives forward.

Ermotti, in the meantime, had this to say: “In response to those extraordinary circumstances, we’ll guarantee the best requirements of excellent governance in addition to stability and continuity in managing this transition.

“I’m satisfied the proceedings now proposed are in one of the best curiosity of our shareholders, and I’m assured that the transition underneath the management of Jacques de Vaucleroy will likely be effectively managed. Swiss Re has very clear strategic objectives and is effectively positioned to ship on all its targets.”

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