Swiss Re Nominates New Permanent Chairman to Succeed Ermotti

The insurer Swiss Re said on Wednesday that it planned to promote its deputy chairman Jacques de Vaucleroy to the role of permanent chairman of the board after his predecessor Sergio Ermotti resigned to lead UBS.

The reshuffle is part of the continuing fallout from Swiss authorities’ rescue of Credit Suisse in a shotgun merger with UBS and new management at the helm.

De Vaucleroy, a Belgian previously with management roles at the French insurer AXA and the Dutch bank ING, has been acting as chairman since Ermotti left the chairmanship in April.

The board of directors conducted a search for a replacement that included external candidates, Swiss Re said, but in the end decided de Vaucleroy was its choice for the role.

Following the board’s nomination, de Vaucleroy will stand for election as chairman in April at the company’s annual general meeting.

(Reporting by Tom Sims and Oliver Hirt; editing by Miranda Murray)