Embattled
Zurich Insurance said Thursday it plans to cut a further 360 jobs worldwide by the end of 2017.
This brings the total number of expected cuts to around 1,800. At the end of last year Zurich had approximately 55,000 employees.
Zurich is focusing on external candidates to replace outgoing CEO Martin Senn, who announced his resignation Tuesday. The company said it is looking for an entrepreneurial leader with deep knowledge of the insurance sector and CEO experience to help turn its fortunes around.
Tom de Swaan, who has been a member of the board of directors since 2006 and was named its chairman in 2013, has been appointed CEO ad interim with immediate effect.
Last month, Zurich reported a 79% decline in overall third-quarter net profit, and an operating loss of $183m for the general insurance business. Earlier this year, it was forced to call off its pursuit of UK-based RSA Insurance Group, due to the mounting difficulties at its general insurance unit.
