Zurich Insurance will focus on external candidates to replace outgoing CEO Martin Senn, who announced his resignation Tuesday. The company is looking for an entrepreneurial leader with deep knowledge of the insurance sector and CEO experience to help turn its fortunes around.
After ten years with Zurich, six of which as CEO, Senn has announced his decision to step down and will leave the company at the end of the year.
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.
De Swaan said the process to appoint Senn’s successor is underway and he has high hopes will be able to find someone in a relatively short space of time.
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.
But de Swaan on Tuesday said that he will make sure that Zurich can participate in any consolidation in the industry. He added that Senn’s departure will have no impact on Zurich’s strategic focus or its financial targets.
