Swiss Re announced that Sergio P. Ermotti is stepping down as chairman of the Board of Directors on April 30, 2023, after completing the agreed handover period, to fully focus on his new role at UBS, which was announced in March.
Jacques de Vaucleroy, vice chairman and lead independent director, is leading the search for a successor and will chair the board in the interim.
“It has been a great honour for me to chair Swiss Re over the past two years, and I wish to thank the Board of Directors, the Executive Committee and all employees for their commitment and support. Swiss Re’s strategic goals are clear, and I am convinced that the company is well positioned to thrive,” commented Ermotti.
Ermotti is returning to UBS where he was group chief executive officer from 2011 to 2020, when he “successfully repositioned UBS following the severe challenges arising from the global financial crisis,” UBS said on March 29, when it announced that Ermotti would lead the bank’s planned acquisition of the troubled Credit Suisse.
“On behalf of the Board of Directors, I would like to thank Sergio for his leadership in the past two years and wish him every success in his new role,” de Vaucleroy said. “The search for a successor has started. I appreciate the trust placed in me to lead the transition and very much look forward to working with the Board and management in driving Swiss Re’s strategy forward.”
Source: Swiss Re
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