Swiss Re is undergoing a thorough succession process for its new chairperson following the resignation of Sergio P. Ermotti.
After an extensive identification and selection process involving external candidates, the governance and nomination committee, led by Joerg Reinhardt, has determined that Jacques de Vaucleroy, the current vice chairman, should continue leading the board of directors.
Ermotti announced his departure in March and stepped down from the role in April.
De Vaucleroy's nomination as the new Swiss Re chairman will be proposed for election at the next annual general meeting in April 2024, a decision fully supported by the board members, the company said.
“I am delighted that the board of directors proposes Jacques de Vaucleroy, who currently acts as chair ad interim, as next chairman of Swiss Re,” Reinhardt said. “From the selection process, which involved several external candidates, Jacques emerged as the board's preferred successor. I am convinced that his in-depth knowledge, his outstanding experience in the industry, and his thorough acquaintance with Swiss Re will be of great value.”
“I feel honoured by this nomination,” de Vaucleroy said. “Swiss Re will continue to be fully determined to execute its strategy and achieve its financial targets. The company's excellent client franchise, the very strong capital position, and our simplified, nimbler organization enable us to bring the best of our firm to clients, investors, and employees.”
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During his tenure as vice chairman, Jacques de Vaucleroy will continue to lead the board of directors until the next annual general meeting. To ensure he can fulfil the responsibilities of the chairman role, de Vaucleroy will step down from most of his external mandates and focus on his duties within Swiss Re.
In accordance with best governance practices, de Vaucleroy will relinquish his positions as lead independent director and chairperson and member of the compensation committee. Reinhardt will assume the role of lead independent director, while Jay Ralph will chair the compensation committee, effective immediately. Additionally, de Vaucleroy will step down as chairman of the board of directors of Swiss Re Europe S.A. and Swiss Re International SE once a suitable successor has been identified, the company said.
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