Sergio P. Ermotti, Chairman of the Board of Directors, of Swiss Re to Step Down – will return to UBS as CEO

Following his appointment as group CEO and president of the group executive board at UBS Group AG, Sergio P. Ermotti, Chairman of the Board of Directors of Swiss Re, will step down at the end of the company’s Annual General Meeting scheduled for 12 April 2023. As of March 31, 2023, Swiss Re AG has a market capitalization of $29 billion.

Global reinsurance giant Swiss Re’s board has now nominated Jacques de Vaucleroy to step into the role until a successor is appointed. The insurer’s board has nominated Jacques de Vaucleroy as new vice chairman and lead independent director subject to his reelection as a board member. He will chair the board of directors until a new chairperson gets elected during an extraordinary shareholders’ meeting.

Jacques de Vaucleroy was elected to the Board of Directors of Swiss Re Ltd in 2017. He chairs the Compensation Committee and is a member of the Governance and Nomination Committee and the Investment Committee. He is also Chairman of Swiss Re Europe S.A. and Swiss Re International SE.

Swiss Re’s Chairman Sergio P. 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.”

Sergio P. Ermotti was elected to the Board of Directors of Swiss Re Ltd in 2020 and has been Chairman of the Board of Directors since April 2021. He chairs the Governance and Nomination Committee. He was Group Chief Executive Officer of UBS Group from September 2011 to October 2020, having joined the Group Executive Board in April 2011.

Prior to this, he was at UniCredit Group, serving as Head of the Markets & Investment Banking Division as of December 2005, and, from 2007 to 2010, as Group Deputy Chief Executive Officer responsible for Corporate and Investment Banking and Private Banking. Between 1987 and 2004, he held various positions at Merrill Lynch & Co. in the areas of equity derivatives and capital markets.

He became Co-Head of Global Equity Markets and a member of the Executive Management Committee for Global Markets & Investment Banking in 2001.

“Further to the announcement of March 19, 2023 regarding UBS’s acquisition of Credit Suisse, the board of directors of UBS have appointed Sergio P. Ermotti as group chief executive officer and president of the group executive board, effective on April 5, 2023, after the annual general meeting,” announced UBS on Wednesday.

“He will succeed Ralph Hamers, who has agreed to step down to serve the interests of the new combination, the Swiss financial sector, and the country. Ralph Hamers will remain at UBS and work alongside Sergio P. Ermotti as an advisor during a transition period to ensure a successful closure of the transaction and a smooth hand-over.”

Ermotti has been appointed as the as Group Chief Executive Officer and President of the Group Executive Board of UBS, effective on April 5th 2023.

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