After completing the agreed handover period, Sergio Ermotti will step down as Chairman of reinsurance giant Swiss Re on April 30th, 2023, in order to fully focus on his role as CEO of UBS.
In was revealed in late March that Ermotti had been named as Group CEO and President of the Group Executive Board of UBS, effective on April 5th, 2023.
The decision to re-employ Ermotti, who previously spent nine years as CEO of UBS, comes as the investment bank faces another significant period of transformation, as it looks to absorb the acquisition of Credit Suisse.
As announced previously, Jacques de Vaucleroy, Vice Chairman and Lead Independent Director, is leading the search for a successor and will chair the Board on an interim basis.
Ermotti said: “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.”
de Vaucleroy added: “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.”