Martin Senn, CEO of Zurich Insurance, has stepped down from the role after 10 years at the company.
Tom de Swann, who has been a member of the board of directors since 2006 and was named chairman in 2013, has been appointed interim CEO with immediate effect. Senn, whose departure has the backing on the board, will leave Zurich at the end of the year.
While serving as CEO, Swann will hold his mandates with other listed companies in abeyance. Fred Kindle, vice chairman of the board, will take on certain additional responsibilities to ensure continued good governance.
Senn’s exit follows a difficult few months for Zurich that saw takeover of RSA fall through and numerous divisions post losses.
Senn commented: “After 10 very intense years with Zurich, I have decided to step down as CEO and to make way for new leadership. There have been some setbacks in recent months, but I am convinced that we have put in place the right measures for Zurich to reach its targets. I will remain closely tied to the company and am proud of what we have achieved together over the years.”
De Swaan added: “The board of directors owes a massive thanks to Senn. First as our chief investment officer and in the past six years as CEO, he has successfully guided our company through a challenging environment, showing great foresight and tireless personal commitment.”
“Over the past two years, he has set in motion a transformation that will make our company more customer-centric, more efficient and more successful.”
Zurich said Senn’s departure will have no impact on its strategic focus or financial targets.
