"I would like to thank Sergio for his leadership in the past two years and wish him every success in his new role. The search for a successor has started."
Last month, Ermotti announced his decision to step down in order to focus on his reappointment at UBS.
The reinsurer’s board had proposed to re-elect Ermotti – however, following his appointment as group CEO and president of the group executive board at UBS, who have recently acquired Credit Suisse, Swiss Re’s board nominated Jacques de Vaucleroy to step into the role until a successor is appointed.
Ermotti was group chief executive at UBS for nine years, until 2020, and returns to lead the firm as it integrates Credit Suisse following its acquisition for $3.2 billion earlier this month.
Speaking last month, 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."
In an update today, he added: "It has been a great honour for me to chair Swiss Re over the past two years, and I wish to thank the Board of Directors, the Executive Committee and all employees for their commitment and support. Swiss Re's strategic goals are clear, and I am convinced that the company is well positioned to thrive."
Jacques de Vaucleroy, Vice Chairman and Lead Independent Director of Swiss Re, commented: "On behalf of the Board of Directors, I would like to thank Sergio for his leadership in the past two years and wish him every success in his new role. The search for a successor has started. I appreciate the trust placed in me to lead the transition and very much look forward to working with the Board and management in driving Swiss Re's strategy forward."
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."
