Zurich Financial Services Group announced that it has elevated Axel P. Lehmann, a 48 year-ol Swiss national, to the post of Chief Risk Officer and to the Group Executive Committee effective January 1, 2008.
In addition Zurich said that as of January 1, 2008, Mike Foley, a 45 year-old American, would succeed Lehmann as CEO of Zurich’s North America Commercial (NAC) division, and will also become a member of the Group Executive Committee.
Lehmann brings “extensive operational experience to the new role,” said the announcement, “which reflects the elevated importance attributed to the Chief Risk Officer position. In addition, he will also assume responsibility for Group IT, positioning the function as an enabler for profitable growth and operational transformation.”
Zurich CEO James J. Schiro indicated that “in today’s complex environment” he was “pleased that we can appoint someone with Axel’s record of success and proven leadership skills to this enhanced risk management role.” He added that the appointment evinced the “the strategic significance we place on risk management, as well as the breadth of our global talent pool.”
Schiro also praised Foley for his “vast operational experience and knowledge of the industry,” which has made him “ideally suited to lead NAC.”
Source: Zurich Financial Services – www.zurich.com
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