Zurich appoints interim chief as CEO steps down
Martin Senn has stepped down from his role of chief executive officer (CEO) at Zurich after ten years with the insurer.
Zurich said Senn’s resignation has been reached by mutual agreement with the board of directors. Senn will leave the company at the end of the year.
Tom de Swaan, who has been a member of the board of directors since 2006 and was named its chairman in 2013, has been appointed CEO ad interim with immediate effect.
While serving as CEO, Swaan will hold his mandates with other listed companies in abeyance. Fred Kindle, vice-chairman of the board will take on certain additional responsibilities to ensure continued good governance. The process to appoint Martin Senn’s successor is underway.
Zurich said Senn’s departure will have no impact on the firm’s strategic focus or its financial targets and said it is confident that it will be able to achieve or exceed its three financial targets for 2014-2016.
The targets include a business operating profit after tax return on equity of 12-14 percent, a Z-ECM ratio of between 100 and 120 percent and net cash remittances after all central costs in excess of $9 billion over the three year period.
“After ten very intense years with Zurich, I have decided to step down as CEO and to make way for new leadership. Zurich is a profitable, well capitalised company with outstanding employees,” said Senn.
“It enjoys an excellent reputation with customers around the world and sustainably delivers attractive dividends to shareholders. There have been some setbacks in recent months, but I am convinced that we have put in place the right measures for Zurich to reach its targets.
“I will remain closely tied to the company and am proud of what we have achieved together over the years.”
Swaan added: “The board of directors owes a massive thanks to Martin Senn. First as our chief investment officer and in the past six years as CEO, he has successfully guided our company through a challenging environment, showing great foresight and tireless personal commitment.
“I have come to know him as a leader of the highest integrity, someone with a very rare sense of how to balance the interests of different stakeholder groups. Over the past two years, he has set in motion a transformation that will make our company more customer-centric, more efficient and more successful.”
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