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After the AGM, Sergio P. Ermotti will step down as Swiss Re’s chairman; Jacques de Vaucleroy has been named vice chair to oversee the transition and succession process.

The Board of Directors of Swiss Re has chosen the following course of action to carry out the transition process in light of the selection of Sergio P. Ermotti as the next CEO of UBS and the approaching Annual General Meeting of Swiss Re on April 12, 2023:

• At the next Swiss Re AGM on April 12, 2023, Sergio P. Ermotti has agreed to formally declare his candidacy for re-election.
• Subject to being re-elected as a Board member by shareholders, the Swiss Re Board has proposed Jacques de Vaucleroy as the new Vice Chairman and Lead Independent Director, effective post-AGM.
• Sergio P. Ermotti intends to step down following the AGM and a brief handover period so that he can focus entirely on his work at UBS.
• The Board of Directors will get to work right now on finding a replacement. Until a new Chairperson is chosen at an Extraordinary Meeting of Shareholders, Jacques de Vaucleroy will serve as the Board of Directors temporary chair.
• The Swiss Financial Market Supervisory Authority, or FINMA, is in favor of this procedure.

Sergio P. Ermotti, Chairman of Swiss Re, stated: “Given these unprecedented circumstances, we will uphold the greatest standards of good governance as well as stability and continuity in handling this transition. The current course of action is, in my opinion, optimal for our shareholders, and I have faith that Jacques de Vaucleroy will successfully guide the changeover. Swiss Re is in a good position to meet all of its goals since it has extremely clear strategic goals.

“On behalf of the Board of Directors, I would like to thank Sergio for his significant contributions to Swiss Re and his dedicated leadership as Chairman over the last two years,” added Renato Fassbind, the organization’s vice chairman at the moment. We appreciate his ongoing assistance throughout the transition and wish him the best of luck with the upcoming chances and challenges. The Swiss Re administration council is looking for a replacement for the departing president. While waiting, Jacques de Vaucleroy will impeachment-proof the presidency.