Swiss Re’s board of directors will nominate Mr Sergio P Ermotti to succeed Mr Walter B Kielholz in 2021 as chairman, the global reinsurer said in a statement released yesterday.
In the meantime, the board will nominate Mr Ermotti for election as a new, non-executive and independent member of the board at the upcoming annual general meeting of shareholders on 17 April 2020 for a one-year term of office.
Mr Ermotti has been group CEO and a member of the group executive board of UBS Group since 2011. Before joining UBS, he was group deputy CEO at UniCredit and responsible for the business areas of corporate and investment banking, and private banking between 2007 and 2010. He started his professional career at Merrill Lynch in 1987, where he held various positions in the areas of equity derivatives and capital markets before he became co-head of Global Equity Markets and a member of the executive management committee for Global Markets & Investment Banking in 2001.
Mr Ermotti, a Swiss citizen, is a Swiss certified banking expert and a graduate of the Advanced Management Programme at the University of Oxford, UK.
Swiss Re chairman, Mr Kielholz, said, “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.“
Mr Ermotti said, “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.“