Zurich, Mar. 29, (dpa/GNA) - Swiss Re chairman Sergio Ermotti will step down after the company’s annual general meeting, the reinsurance giant announced on Wednesday.
Ermotti will step down from the position to fully concentrate on his chief executive role at Swiss banking giant UBS.
Swiss Re noted that it will immediately start the search to identify a successor. In the interim, Jacques de Vaucleroy will chair the board until a new chairperson has been elected by an extraordinary meeting of shareholders.
The board has nominated de Vaucleroy as new vice vhairman and lead independent director subject to his re-election as board member by shareholders, effective post AGM, the company said.
Ermotti has agreed to confirm his availability for re-election at the upcoming Swiss Re AGM on 12 April 2023.
Earlier in March, UBS acquired its ailing smaller rival Credit Suisse for 3 billion Swiss francs ($3.23 billion) in an emergency rescue deal.
GNA