Global reinsurance giant Swiss Re has revealed that its Board of Directors is to nominate Sergio P. Ermotti for election as a non-executive and independent member of the company’s Board at the upcoming AGM on April 17th, 2020.
The Swiss Re Board will nominate Ermotti to serve for a one-year term and in 2021, he will be nominated to succeed Walter B. Kielholz as Chairman of the Board.
Since 2011, Ermotti has served as the Chief Executive Officer (CEO) and a member of the Group Executive Board of UBS Group. Prior to UBS, he served as Deputy CEO at UniCredit and was responsible for Corporate and Investment Banking, and Private Banking between 2007 and 2010.
He started his career with Merrill Lynch in 1987, where he held numerous roles during his tenure with the firm, including Co-Head of Global Equity Markets and a member of the Executive Management Committee for Global Markets & Investment Banking in 2001.
Kielholz commented: “With the nomination of Sergio Ermotti, we are pleased to be able to propose such an accomplished financial industry leader as a new Board member and future Chairman. Sergio Ermotti’s wealth of experience and an impressive leadership track-record will be important assets for Swiss Re. His appointment will ensure a smooth leadership transition when I retire after the AGM in 2021, and I look forward to working closely with him until then.”
Ermotti added: “As a company centred around knowledge and risk expertise, Swiss Re is a truly inspirational financial institution. I look forward to working together with the Board and the management team to take the company into the next successful chapter of its history. I am honoured to be following in the footsteps of Walter Kielholz, who over the past decades immensely furthered the development not only of Swiss Re, but the entire Swiss financial centre.”