Euler Hermes reveals management shake-up as group CFO and COO depart

Trade credit insurer Euler Hermes has made three management board changes as its group chief financial officer and chief operating officer are leaving to pursue opportunities outside the company.

Chantal Schumacher has been appointed new group CFO, replacing Clarisse Kopff who is leaving the company to take on a new role as chief financial officer at Allianz France.

Schumacher joined the Allianz group in 1999, and served in various leadership roles over the years. In 2016, she became CFO at Allianz Re.

Michael Eitelwein has been named new group COO, replacing Ludovic Sénécaut who will be leaving the company to pursue new challenges outside the group.

Eitelwein brings with him 15 years of experience in designing and managing large scale, technology-enabled transformation scenarios in globalizing enterprises, from a startup in Silicon Valley to the BASF Group. He also has over eight years of experience within Allianz, and in his most recent position at Allianz, Eitelwein was head of group enterprise architecture, where he led the introduction of new digital technologies and capabilities such as Big Data, AI, Blockchain and IoT solutions for commercial and consumer business lines.

Both the executives will become a member of the group board of management effective April 1, Euler Hermes said in a Feb. 09 press release.

The company has also announced that Michele Pignotti’s responsibilities as member of the group board of management in charge of market management will now also include commercial & distribution activities, effective April 1 following the retirement of Paul Overeem on March 31st 2018. Overeem established Euler Hermes Kredietverzekering in the Netherlands, and served as its chief executive officer.

Euler Hermes had recently appointed Virginie Fauvel as chief transformation officer, who will become a member of the group board of management in charge of the Americas region as of April 1.

The company said that these moves will strengthen and accelerate its growth and transformation. In November 2017, German insurer Allianz announced that it has entered into agreements to purchase all outstanding shares of Euler Hermes that it does not already own. Allianz opened its simplified cash tender offer on January 15.

Wilfried Verstraete, chairman of the Euler Hermes board of management, said: “I am delighted that Chantal Schumacher and Michael Eitelwein are joining us as driven, highly-competent and respected professionals with strong international experience. Together with Virginie Fauvel, our recently nominated Chief Transformation Officer, and the other members of the Board of Management, they will contribute with their vision and their energy to our focus towards shifting the gears on our transformation.”

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