Global reinsurer Swiss Re’s Board of Directors has decided that current Vice Chairman, Jacques de Vaucleroy, will continue to lead the Board and be proposed as the firm’s new Chairman at the next AGM in April 2024, following Sergio P. Ermotti’s resignation as Chairman on April 30th, 2023.
Under the leadership of Joerg Reinhardt, the Governance and Nomination Committee came to this conclusion after what’s been described as an extensive identification and rigorous selection process involving several external candidates.
Until the next AGM in April, Jacques de Vaucleroy will lead the Board of Directors in his current capacity as Vice Chairman. The reinsurer explains that he will make this his “cornerstone” mandate and step down from most of his external mandates to ensure the capacity and time commitment required by the Chairman role.
Specifically, he will step down as Lead Independent Director and as Chairperson and Member of the Compensation Committee.
Joerg Reinhardt will take over as the Lead Independent Director, and Jay Ralph will chair the Compensation Committee, both appointments with immediate effect. Additionally, Jacques de Vaucleroy will step down as Chairman of the Board of Directors of Swiss Re Europe S.A. and Swiss Re International SE, once a successor has been selected.
Joerg Reinhardt commented, “I am delighted that the Board of Directors proposes Jacques de Vaucleroy, who currently acts as chair ad interim, as the next Chairman of Swiss Re. From the selection process, which involved several external candidates, Jacques emerged as the Board’s preferred successor. I am convinced that his in-depth knowledge, his outstanding experience in the industry and his thorough acquaintance with Swiss Re will be of great value.”
de Vaucleroy said, “I feel honoured by this nomination. Swiss Re will continue to be fully determined to execute its strategy and achieve its financial targets. The company’s excellent client franchise, the very strong capital position and our simplified, nimbler organisation enable us to bring the best of our firm to clients, investors, and employees.”
de Vaucleroy is a market veteran and has more than three decades of experience in the re/insurance industry. He was elected to the Board of Directors of Swiss Re in 2017.
