Swiss Re has now revealed the last day of Sergio P. Ermotti as chairman of the reinsurance giant.

“Sergio P. Ermotti will step down as chairman of the board of directors on April 30, 2023, after completing the agreed handover period, to fully focus on his role at UBS,” stated Swiss Re on Thursday morning.

As previously reported by Insurance Business, Ermotti is leaving Swiss Re despite being technically re-elected to the reinsurer’s board. The chair’s imminent departure was announced even before the vote.

Prior to his re-election, Ermotti already returned to UBS where he was group chief executive for nearly a decade until 2020 and is now back at the helm.

“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,” said Ermotti in a release.

“Swiss Re’s strategic goals are clear, and I am convinced that the company is well positioned to thrive.”

Vice chair and lead independent director Jacques de Vaucleroy is taking over from Ermotti in the interim while leading the search for Swiss Re’s next chairman.

“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,” he commented.

“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.”