Global reinsurance giant Swiss Re will begin a search for a new Chair, after its current incumbent Sergio P. Ermotti agreed to head back to the banking and asset management group UBS as Group CEO.
Ermotti has been appointed as the as Group Chief Executive Officer and President of the Group Executive Board of UBS, effective on April 5th 2023.
He had previously been the Group Chief Executive Officer of UBS for 9 years, during which time he drove the repositioning of the investment bank in the wake of the Global Financial Crisis.
The move to re-employ Ermotti comes as UBS faces another significant period of transformation, as it looks to consummate and absorb the recently announced acquisition of Credit Suisse.
The Board of Directors of Swiss Re has chosen a specific course of action to conduct a search and transition to a new Chairperson.
In order to facilitate an orderly transition at Swiss Re, Ermotti will still stand for re-election at its AGM on April 12th 2023, intending to step down after it, following a short hand-over period.
The Swiss Re Board has nominated Jacques de Vaucleroy as new Vice Chairman and Lead Independent Director, subject to his re-election as Board member by shareholders, effective post AGM.
de Vaucleroy will lead the transition and succession planning process at Swiss Re.
Swiss Re’s Board of Directors will start the search to identify a successor immediately, while de Vaucleroy will chair the Board of Directors on an interim basis until a new Chairperson has been elected.
Swiss Re’s Chairman Sergio P. Ermotti commented, “In response to these extraordinary circumstances, we will ensure the highest standards of good governance as well as stability and continuity in managing this transition. I am convinced the proceedings now proposed are in the best interest of our shareholders and I am confident that the transition under the leadership of Jacques de Vaucleroy will be well managed. Swiss Re has very clear strategic goals and is well positioned to deliver on all its targets.”
Renato Fassbind, current Vice Chairman, also said, “On behalf of the Board of Directors I would like to thank Sergio for his significant contributions to Swiss Re and his dedicated leadership as Chairman over the last two years. We are grateful for his continued support during the transition period and wish him all the very best for the new challenges and opportunities ahead.”
Commenting on joining UBS, Ermotti added, “I am honored to be asked to lead this bank at a time that is so important for all its stakeholders and for Switzerland. The task at hand is an urgent and challenging one. In order to do it in a sustainable and successful way, and in the interest of all stakeholders involved, we need to thoughtfully and systematically assess all options. I am conscious of the uncertainty many feel and I promise that, together with my colleagues, our full attention will be on delivering the best possible outcome for our clients, our employees, our shareholders and the Swiss government.”
