Global reinsurance giant Swiss Re has selected a new Chairman of its Board in the outgoing CEO of bank UBS Sergio Ermotti, who will take over the position from Walter B. Kielholz next year.
The news was first reported yesterday, that the CEO of the largest bank and money manager in Switzerland, UBS, is set to leave and become the new Chairman of reinsurance firm Swiss Re next year.
Swiss Re confirmed the news overnight, announcing that its Board of Directors will nominate Sergio P. Ermotti for a for a one-year term of office as a new, non-executive, independent Board member at the companies upcoming AGM on 17th April 2020.
Swiss Re also confirmed that in 2021 Ermotti will be nominated to succeed current Chairman of the Board Walter B. Kielholz.
Ermotti has been Group Chief Executive Officer and a member of the Group Executive Board of UBS Group since 2011.
The outgoing Chairman Kielholz said, “With the nomination of Sergio Ermotti, we are pleased to be able to propose such an accomplished financial industry leader as a new Board member and future Chairman. Sergio Ermotti’s wealth of experience and an impressive leadership track-record will be important assets for Swiss Re. His appointment will ensure a smooth leadership transition when I retire after the AGM in 2021, and I look forward to working closely with him until then.“
Ermotti added, “As a company centred around knowledge and risk expertise, Swiss Re is a truly inspirational financial institution. I look forward to working together with the Board and the management team to take the company into the next successful chapter of its history. I am honoured to be following in the footsteps of Walter Kielholz, who over the past decades immensely furthered the development not only of Swiss Re, but the entire Swiss financial centre.“
Prior to joining UBS, Ermotti was Group Deputy Chief Executive Officer at UniCredit, with responsibility for areas of Corporate and Investment Banking, and Private Banking between 2007 and 2010.
His career began at Merrill Lynch in 1987, holding various positions in the areas of equity derivatives and capital markets before becoming Co-Head of Global Equity Markets and a member of the Executive Management Committee for Global Markets & Investment Banking in 2001.