Munich Re Announces Pischetsrieder to Replace Schinzler as Board Chairman

Munich Re announced that the Chairman of its Supervisory Board, Hans-Jürgen Schinzler, will retire from office on age grounds, as of the 31st of December 2012. “He will be succeeded as Chairman by Bernd Pischetsrieder, who has been on the Supervisory Board since 2002. The Board of Management will apply to the Local Court Munich (Registration Court) to appoint Ann-Kristin Achleitner to the Supervisory Board as a new member.”

Schinzler (72) has been a member of the Supervisory Board and its Chairman since 2004. He joined Munich Re in 1968, becoming a member of the Board of Management in 1981 and holding the office of Chairman of the Board of Management from 1993 to 2003.

Pischetsrieder (64) has been a member of the Supervisory Board since 2002. “I am glad we have been able to enlist Bernd Pischetsrieder for this office. Thanks to his long-standing service on our Supervisory Board, he is very well acquainted with the topics and challenges of the international insurance industry. We thus have the continuity that a corporation with a long-term business model like Munich Re needs,” stated Hans-Jürgen Schinzler, now Honorary Chairman of the Supervisory Board.

Pischetsrieder, who has a degree in engineering, was Chairman of the Board of Management of Volkswagen AG from 2002 to 2006, prior to which he was on the Board of Management of BMW AG from 1993 to 1999.

Munich Re explained that in order to insure that the Supervisory Board is complete as of the first of January 2013, “the Board of Management will apply to the Munich Local Court to appoint Ann-Kristin Achleitner (46), Scientific Director of the Center for Entrepreneurial and Financial Studies (CEFS) of the Technical University of Munich.

“At its next regular meeting on 11 March 2013, the Supervisory Board will then adopt a resolution proposing to the Annual General Meeting to elect Ann-Kristin Achleitner to the Supervisory Board. Achleitner is a qualified lawyer and economist. She has been a Professor at the Technical University of Munich since 2001 and a member of the Government Commission on the German Corporate Governance Code since January 2012.”

Source: Munich Re