FILE PHOTO: Swiss bank UBS CEO Sergio Ermotti addresses a news conference in Zurich, Switzerland February 20, 2020. REUTERS/Arnd Wiegmann
ZURICH (Reuters) – UBS Group (UBSG.S) Chief Executive Sergio Ermotti is poised to become chairman of Swiss Re (SRENH.S) next year after leaving the helm of Switzerland’s biggest bank, three people familiar with the matter told Reuters.
UBS last month named ING (INGA.AS) Chief Executive Ralph Hamers to succeed Ermotti as CEO of the world’s largest wealth manager as of Nov. 1.
Ermotti, who has run UBS since 2011, has been coy about his future career path. When news of the Hamers appointment emerged, Ermotti declined comment on speculation that he would eventually replace UBS Chairman Axel Weber, who has said he intends to remain in the post until 2022.
Swiss financial industry veteran Walter Kielholz has been chairman of Swiss Re since 2009 and joined the board of directors of what was then Swiss Reinsurance Co Ltd in 1998.
He is expected to be re-elected at the Swiss Re annual shareholder meeting next month, then would step down in time for Ermotti to become chairman of the world’s second-biggest reinsurer as of the 2021 annual meeting, the people said.
UBS declined comment. Swiss Re had no immediate comment.
Reporting by Rob Cox and Oliver Hirt; Additonal reporting by Paul Arnold; writing by Michael Shields; editing by John O’Donnell