Mr Ermotti will understand soon

Still, UBS chief Executive Sergio Ermotti to replace in the next year at the Swiss Re, the long-time President Walter B. kielholz. The approach of the banker Er

Mr Ermotti will understand soon

Still, UBS chief Executive Sergio Ermotti to replace in the next year at the Swiss Re, the long-time President Walter B. kielholz. The approach of the banker Ermotti to the reinsurer began last fall – with no obligation. Kielholz asked at the time, the UBS chief, remember what to do when he has to leave the command bridge of the large Bank. "Then it was getting more and more detailed," said Kielholz in the short term, on Tuesday organised a telephone conference.

Also, UBS President Axel Weber appears to have been early initiated into the plans of the Still-heads of corporations. "Mr Weber already knew since months," said UBS spokesman Mark Hengel. Ermotti is selected in a first step, at the next annual General meeting of Swiss Re in mid-April as an independent member in the Board of Directors.

Walter B. Kielholz looks back on a 30-year career in top positions of the CS and Swiss Re. Photo: Keystone

A year later, he is to inherit the wood keel. Until his resignation as UBS chief end of October, the Ticino is in the services of both financial groups. Priority of the Job as driver of the big Bank, 've Hengel said.

A 70-percent Job

Ermottis entitlement to the Swiss Re Board means that he may not be Weber's successor as UBS President. According to an agreement with the bankers, this could not be simultaneously President of two company , - stressed the wood keel. The office of the Chairman of the Board at the world's second-largest reinsurer, will take up to 70 percent of Ermottis time.

keel wood described his successor as a "fortunate circumstance". For a reinsurer, it is often difficult to find a President. For one, there are only a few such companies, and on the other hand, customers and employees to convey equally difficult, if the Board of Directors have worked for Chairman for the competition, said Kielholz. Candidate from the Board of Directors has given it according to the President, but which were already entered previously.

Any doubts, because Ermotti has no experience in the insurance business, tried to Kiel to weaken the wood, he pointed out the Similarities of the banking and insurance activities. Beidenorts it is, in Essence, to assess the risks for the onset of private capital. In the reinsurance would be used to sometimes "esoteric" solutions "but it is understood Mr Ermotti quickly," said Kielholz.

in His opinion, large banks and insurers were faced with similar challenges: climate change, digitalization and low interest rates. New territory for Ermotti, so the wood keel, were, however, the challenges in the US insurance. In addition, Swiss Re will operate only transactions with businesses and institutions, while UBS also advise private clients.

One of the last veterans

keel wood will be 70 in February next year-year and reached the age limit in the Board of Directors of Swiss Re. In an Interview with the "balance sheet" in the last summer he had pointed out that this Limit "is not set in stone". Today, the sounded quite different: for the past two years, he dealt mentally with his successor, had a keel wood look.

The man is one of the last stalwarts of the Swiss economy. He looks back on a 30-year career in top positions Credit Suisse and Swiss Re. The Board of Directors of the reinsurer, he has presided over since 2009, after it was caught in the financial crisis, in the wrong location.

finally, the wood keel had suffered two shock: In may 2018, the planned partnership between Swiss Re and the Japanese Softbank conglomerate failed, and in July 2019, the reinsurers had to blow off the IPO of its life insurance subsidiary Reassure. That he had been urged by shareholders to resign, denied Kielholz.

Created: 03.03.2020, 21:13 PM

Updated Date: 03 March 2020, 21:07

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