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HomeEuropeSergio Ermotti Preparing His Swiss Re Departure

Sergio Ermotti Preparing His Swiss Re Departure

Once Sergio Ermotti has swapped the post of chairman of Swiss Re’s for the CEO seat at UBS, the vice chairman will take the helm at the reinsurer.

Sergio Ermotti was re-elected as chairman of the board of directors at Swiss Re’s annual general meeting on Wednesday and will step down after a «short handover period» to devote his time to building up the new banking colossus UBS as its CEO.

Ermotti thanked shareholders for their support over the past two years, especially for their understanding to re-elect him at short notice, according to a statement. «This will allow us to manage the transition period efficiently, in line with the best corporate governance and the best interest of all stakeholders involved,» he said.

Vice-Chair Takes Over

Jacques de Vaucleroy was appointed by the board as its vice-chairman and will serve as lead independent director. He will chair the board until a new chairperson has been elected by an extraordinary meeting of shareholders.

Shareholders approved the re-election of all other proposed members of the board for a one-year term. Vanessa Lau and Pia Tischhauser were elected as new board members also for a term of one year.

3.8 Million for the Chairman

The compensation of the board of directors and the executive committee for the coming financial year until the 2024 annual general meeting were also approved. In 2022, Ermotti was compensated with 3.8 million Swiss francs for the chairmanship. The total compensation of the board of directors amounted to 9.5 million Swiss francs. CEO Christian Mumenthaler received a salary of 6.1 million Swiss francs in 2022.

The payment of an ordinary dividend of 6.40 dollars per share was also approved. It was previously announced, the dividend payment is declared in US dollars beginning this year, to align with Swiss Re’s reporting currency.

Source: Finews



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