By Cecilia Butini

Swiss Re AG said Wednesday that its chairman Sergio P. Ermotti will step down following his appointment as new chief executive of UBS Group AG.

The insurer's board has nominated Jacques de Vaucleroy as new vice chairman and lead independent director subject to his reelection as a board member, it said.

Mr. de Vaucleroy will chair the board of directors until a new chairperson gets elected during an extraordinary shareholders' meeting, Swiss Re said.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

March 29, 2023 01:30 ET (05:30 GMT)

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