Lippe to Step Down as Swiss Re CEO

Swiss Re’s Board of Directors announced that Stefan Lippe has decided to step down as CEO of Swiss Re in the course of 2012. The board also indicated it expects to name his successor soon.

Walter Kielholz, Chairman of the Board of Directors stated that it greatly regretted “Lippe’s decision to retire early after almost three decades at Swiss Re.”

He also noted that since Lippe became CEO in 2009, “he has led Swiss Re through challenging times, during which we were able to turn around the company. Under his leadership we have restored our capital strength, repaid the convertible capital instrument to Berkshire Hathaway, regained the AA- rating with Standard & Poor’s and improved premiums earned as well as net income significantly. We are initiating the process to select a successor and will ensure a smooth transition.”

Lippe described his tenure as CEO, as having offered him “a series of exciting opportunities. Three years ago I took on the challenge of leading the company through turbulent times as CEO. Today we can say proudly that we have delivered on all of the ambitious targets that we set out at that time.” He praised the efforts of the “Swiss Re team” in achieving the turnaround. He also said he had informed the board of his intention to retire earlier than expected to give it time to “allow for a smooth transition.”

The bulletin also pointed out that under Lippe’s leadership, Swiss Re “established a new holding structure in 2011 that is fully aligned with the company’s strategic priorities. Three new Business Units have been created under the holding structure: the existing reinsurance business, as well as the two new Business Units, Corporate Solutions and Admin Re®.

“The new structure provides greater transparency for investors, responds proactively to regulatory changes and enables Swiss Re to improve its client focus. By doing so Swiss Re aims to increase the long-term value that it creates for Shareholders.”

Source: Swiss Re