Swiss Re reveals ‘preferred’ successor to outgoing chair Ermotti

Global reinsurance giant  Swiss Re has revealed its “preferred” successor to chair  Sergio Ermotti, who resigned from the position at the end of April to take the top role at UBS, Switzerland’s largest bank.

To fully concentrate on his new role at UBS, Ermotti stepped down from Swiss Re on April 30 after completing the agreed handover period to Jacques de Vaucleroy, vice chairman and lead independent director.

Swiss Re said Wednesday (July 12) that following an extensive identification and rigorous selection process involving several external candidates ensued, it has concluded that De Vaucleroy should continue leading the board of directors and be proposed for election as the new Swiss Re chairman at the next AGM in April 2024.

In line with this move, De Vaucleroy will step down as lead independent director and as chairperson and member of the compensation committee. He will also step down as chairman of the board of directors of Swiss Re Europe SA and Swiss Re International SE, once a successor has been selected.

Joerg Reinhardt will become the lead independent director and Jay Ralph as chair the compensation committee, both appointments with immediate effect.

De Vaucleroy has over 30 years' experience in the insurance industry. He was elected to the board of directors of Swiss Re in 2017. Previously, he was a member of the management committee of AXA Group from 2010 to 2016, serving as CEO for North, Central and Eastern Europe and CEO of Global Life & Savings. He also held a number of positions in boards of directors and supervisory boards of AXA companies. Before that, he spent 24 years at ING, latterly in charge of insurance and asset management in Europe.

Reinhardt said: "I am delighted that the Board of Directors proposes Jacques de Vaucleroy, who currently acts as chair ad interim, as next Chairman of Swiss Re. From the selection process, which involved several external candidates, Jacques emerged as the Board's preferred successor. I am convinced that his in-depth knowledge, his outstanding experience in the industry and his thorough acquaintance with Swiss Re will be of great value."

De Vaucleroy commented: "I feel honoured by this nomination. Swiss Re will continue to be fully determined to execute its strategy and achieve its financial targets. The company's excellent client franchise, the very strong capital position and our simplified, nimbler organisation enable us to bring the best of our firm to clients, investors, and employees."

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