SCOR unveils Kessler successor – and he has no experience of reinsurance

French reinsurer  SCOR has unveiled the executive that will succeed Denis Kessler as its chief executive. But the new boss in waiting, who has no experience of the reinsurance sector, will have to wait almost 12 months to take the reins and earn his stripes as deputy CEO first.

Benoît Ribadeau-Dumas, who has been chief of staff to the French Prime Minister since 2017, will become deputy CEO and join the group’s executive committee in January 2021, with a view to becoming CEO following the company’s general meeting in 2022.

The company has also decided to split the role of CEO and chairman – Kessler currently holds both titles. When Ribadeau-Dumas takes the reins as CEO, Kessler will remain chairman, the company has said.

Ribadeau-Dumas started his career at the French Council of State, before becoming advisor to the Prime Minister from 2002 to 2004. He then worked in the private sector for many years for companies including Thales, the electrical systems group; CGG, a company working in underground exploration; and Zodiac Aerospace, where he ran the Aerosystems branch and became a member of the management board. He returned to politics in 2017 and became chief of staff to the French Prime Minister.

The appointment was the culmination of a search that has been underway for some time, led by the nomination committee and involving an international recruitment firm.

Augustin de Romanet, lead independent director of SCOR, said: “Throughout the process of preparing for developments in SCOR’s governance, the nomination committee has striven to follow best corporate governance practices, and I would like to thank its members for their unfailing dedication. Since 2002, Denis Kessler has shaped SCOR, turning it around in an outstanding way and subsequently establishing it as the world’s fourth largest reinsurer, with a rating of AA-. By choosing Benoît Ribadeau-Dumas, a very high-profile figure well known for his intellect and his leadership, the Board of Directors confirms its high level of ambition for SCOR.”

Kessler added: “I would like to sincerely thank Augustin de Romanet, Lead Independent Director, as well as all the members of the nomination committee, for the extremely thorough work they have carried out over the past few months. I have every confidence in Benoît Ribadeau-Dumas to ensure SCOR’s success over the coming years, and in particular to guarantee its long-term development with the twofold target of profitability and solvency. As we embark on the transition process, he can count on my full support.”

Ribadeau-Dumas said: “I am honored by the confidence the Board of Directors has placed in me as their choice for the next Group CEO. I am thrilled to be joining SCOR - whose teams are widely recognized for their high quality - and the (re)insurance sector, which is a fascinating and demanding industry. Together, serving our clients throughout the world, we will pursue SCOR’s development with passion.”