Zurich announced today that its chief executive Martin Senn is stepping down, leaving the company at the end of the year.
Tom de Swaan, who has been a member of the company’s board of directors since 2006 and chairman since 2013, has been appointed interim chief executive.
A permanent successor for Senn, who has spent 10 years with the insurer and six as chief executive, has not yet been chosen and Zurich has said the process for picking a new boss is underway.
Senn said: “After 10 very intense years with Zurich, I have decided to step down as CEO and to make way for new leadership. Zurich is a profitable, well capitalised company with outstanding employees. It enjoys an excellent reputation with customers around the world and sustainably delivers attractive dividends to shareholders.”
De Swaan said: “The board of directors owes a massive thanks to Martin 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.”
In November, Zurich revealed disappointing results for its third-quarter of 2015, with business operating profits for the three months down 79 per cent compared to the same period the year before.
Also earlier this year, the company had to abandon a takeover deal of RSA Insurance.