Swiss Re CFO steps down, successor appointed
Swiss Re chief financial officer David Cole is set to step down on March 31, 2018, and will be succeeded by John Dacey, currently group chief strategy officer.
Cole will step down to pursue a non-executive career, while remaining a board member of several Swiss Re subsidiaries.
Swiss Re chairman, Walter Kielholz, said: " We are grateful for David 's leadership and outstanding contribution to Swiss Re over seven years. As group chief financial officer, he has transformed our finance division into an efficient allocator of capital across the Group. While we will miss having him in our group executive Committee, we are delighted that he will stay involved with Swiss Re and that we will continue to benefit from his experience."
Dacey will take over as group chief financial officer on April 1, 2018. He joined Swiss Re’s group executive committee five years ago as group chief strategy officer, leading multiple strategic initiatives across the group. His career in the re/insurance industry spans more than 20 years, during which time he has held various senior executive positions.
From 2007 to 2012, Dacey served as AXA's group regional CEO and group vice chairman for Asia-Pacific and was a member of their group executive committee. Prior to that, he was a member of the group executive board at Winterthur Insurance , first as its chief financial officer from 2000 to 2004 and subsequently as the company's chief strategy officer from 2005 to 2007 and member of its risk and investment committees.
"John Dacey, who has a very strong track record both within and outside Swiss Re, is the ideal candidate to pick up on the momentum created by David Cole and lead our finance division forward,” Kielholz said. “He has been instrumental in shaping Swiss Re's strategic framework and launching the Swiss Re Institute – both of which strongly position Swiss Re as the leading risk knowledge company."
The board of directors has also decided that the two positions group chief financial officer and group chief strategy officer will be merged.
Furthermore, the board of directors proposed to the next annual general meeting to elect Karen Gavan, Eileen Rominger and Larry Zimpleman to join its board of directors. Rajna Gibson Brandon has decided to step down after 17 years of service. In addition, current members Mary Francis and Robert Henrikson are due to retire.
Kielholz said: " With the ongoing rejuvenation of our board – a process we started a few years ago – we are very pleased to attract three outstanding professionals for election to our board of directors. Their varied careers all demonstrate strong international experience as well as insurance expertise, while also adding great insights into new digital insurance solutions and offerings. "
Karen Gavan has more than 35 years of experience in senior finance and leadership functions across life, as well as property and casualty insurance companies. She started her career in finance roles at Prudential Insurance, Imperial Life and Canada Life. Afterwards, at Transamerica Life Canada/AEGON Canada, Gavan worked as chief financial officer and then chief operating officer. Until her retirement in November 2016, she served for five years as CEO at Economical Insurance, a Canada-based property and casualty insurance company, preparing the firm for its initial public offering.
Eileen Rominger is an investment professional and began her career at Oppenheimer Capital, where she worked for 18 years as an equity portfolio manager, serving as a managing director as well as a member of the executive committee. Rominger then joined Goldman Sachs Asset Management in 1999 where she held increasingly senior leadership positions, becoming the company's global chief investment officer. She subsequently served from 2011 to 2012 as the director of the division of investment management at the United States Securities and Exchange Commission, where she was instrumental in formulating and implementing regulatory policy for mutual funds and federally registered investment advisors. Since 2014, Rominger has held roles including being a senior advisor at CamberView Partners, a provider of advice to public companies on shareholder engagement, corporate governance, and activism.
Larry Zimpleman started his career in 1971 as actuarial intern at investment management company The Principal Financial Group. From 1976 to 2006 he held various senior management and leadership positions at The Principal. He became president and CEO in 2008 and chairman in 2009. Zimpleman served as president, chairman and CEO until August 2015, when he stepped down as president and CEO and retired as full-time employee in 2016 after a successful 44-year long career.
After 17 years as a member of Swiss Re's board of directors, Rajna Gibson Brandon has decided to step down. She serves on the Finance and Risk Committee as well as the Investment Committee. In addition, current board members Mary Francis and Robert Henrikson are due to retire at the next AGM.
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