29 March 2023Insurance

Top Swiss Re executive steps down to helm UBS triggering leadership reshuffle

Global reinsurance giant  Swiss Re’s chairman is stepping down to take over as new chief executive officer (CEO) of UBS, Switzerland’s largest bank, following its $3.2bn takeover of rival Credit Suisse.

Prior to joining the reinsurer, Sergio Ermotti (pictured right) was group CEO at UBS for nine years from November 2011 to October 2020. He will replace UBS’ current CEO Ralph Hamers.

To fully concentrate on his new role at UBS, Ermotti intends to step down as chairman of Swiss Re after its annual general meeting on April 12 and a short handover period.

Swiss Re’s board has nominated Jacques de Vaucleroy (pictured left) as new vice chairman and lead independent director, subject to his re-election as board member by shareholders, effective post AGM.

The board of directors will immediately start the search to identify a successor, Swiss Re said. In the interim, de Vaucleroy will chair the board until a new chairperson has been elected by an Extraordinary Meeting of Shareholders.

Ermotti has agreed to confirm his availability for re-election at the upcoming Swiss Re AGM in April.

FINMA, the Swiss Financial Market Supervisory Authority, supports the process.

Ermotti said: “In response to these extraordinary circumstances, we will ensure the highest standards of good governance as well as stability and continuity in managing this transition. I am convinced the proceedings now proposed are in the best interest of our shareholders and I am confident that the transition under the leadership of Jacques de Vaucleroy will be well managed. Swiss Re has very clear strategic goals and is well positioned to deliver on all its targets.”

Renato Fassbind, current vice chairman, added: "On behalf of the Board of Directors I would like to thank Sergio for his significant contributions to Swiss Re and his dedicated leadership as Chairman over the last two years. We are grateful for his continued support during the transition period and wish him all the very best for the new challenges and opportunities ahead.”

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More on this story

13 April 2023   Swiss Re ‘cannot be satisfied’ with ‘22 results, but overhaul built ‘more effective & agile’ group.
27 April 2023   Ermotti is confident in Swiss Re’s clear strategic goals as he departs to fully focus on UBS.
12 July 2023   Emphasis on a ‘nimbler’ and ‘simplified’ organisation, highlights new chair.