The FINANCIAL — Swiss Re on December 8 announces that John Dacey, currently Group Chief Strategy Officer, is appointed Group Chief Financial Officer, effective 1 April 2018.
He succeeds David Cole, who will step down to pursue a non-executive career, while remaining a board member of several Swiss Re subsidiaries. In addition, Swiss Re’s Board of Directors proposes to elect Karen Gavan, Eileen Rominger and Larry Zimpleman as new, non-executive and independent members at the upcoming Annual General Meeting on 20 April 2018.
Swiss Re has appointed John Dacey as its new Group Chief Financial Officer as of 1 April 2018, succeeding David Cole. John Dacey joined Swiss Re’s Group Executive Committee five years ago as Group Chief Strategy Officer, successfully leading multiple strategic initiatives across the Group. His career in the re/insurance industry spans more than 20 years, during which time he has held various senior executive positions.
From 2007 to 2012, John Dacey served as AXA’s Group Regional CEO and Group Vice Chairman for Asia-Pacific and was a member of their Group Executive Committee. Prior to that, he was a member of the Group Executive Board at Winterthur Insurance, first as its Chief Financial Officer from 2000 to 2004 and subsequently as the company’s Chief Strategy Officer from 2005 to 2007 and member of its risk and investment committees, according to Swiss Re.
After seven years with Swiss Re, David Cole will step down as Group Chief Financial Officer on 31 March 2018 to pursue a non-executive career while remaining a board member of Swiss Re subsidiary companies.
Swiss Re Chairman, Walter B. Kielholz, says: “We are grateful for David’s leadership and outstanding contribution to Swiss Re over seven years. As Group Chief Financial Officer, he has transformed our Finance division into an efficient allocator of capital across the Group. While we will miss having him in our Group Executive Committee, we are delighted that he will stay involved with Swiss Re and that we will continue to benefit from his experience.”
Walter B. Kielholz continues: “John Dacey, who has a very strong track record both within and outside Swiss Re, is the ideal candidate to pick up on the momentum created by David Cole and lead our Finance division forward. He has been instrumental in shaping Swiss Re’s strategic framework and launching the Swiss Re Institute – both of which strongly position Swiss Re as the leading risk knowledge company.”
With these changes, the Board of Directors has also decided that the two positions Group Chief Financial Officer and Group Chief Strategy Officer will be merged. As of 1 April 2018, Swiss Re’s Group Executive Committee will consist of 12 members.
Three new members proposed for election to the Board of Directors
The Board of Directors furthermore proposes to the next Annual General Meeting to elect Karen Gavan, Eileen Rominger and Larry Zimpleman to join its Board of Directors. Rajna Gibson Brandon has decided to step down after 17 years of service. In addition, current members Mary Francis and C. Robert Henrikson are due to retire.
Swiss Re Chairman, Walter B. Kielholz, says: “With the ongoing rejuvenation of our Board – a process we started a few years ago – we are very pleased to attract three outstanding professionals for election to our Board of Directors. Their varied careers all demonstrate strong international experience as well as insurance expertise, while also adding great insights into new digital insurance solutions and offerings.”
Karen Gavan has more than 35 years of experience in senior finance and leadership functions across life, as well as property and casualty insurance companies. She started her career in finance roles at Prudential Insurance, Imperial Life and Canada Life. Afterwards, at Transamerica Life Canada/AEGON Canada, Karen Gavan worked as Chief Financial Officer and then Chief Operating Officer. Until her retirement in November 2016, she served for five years as Chief Executive Officer at Economical Insurance, Canada’s leading property and casualty insurance company, preparing the company for its initial public offering. During her leadership, the company launched SONNET, Canada’s first fully digital insurer. Since 2015, she is a member of the Board of Swiss Re America Holding Corporation and a Board Member at Mackenzie Financial Corporation since 2007.
Eileen Rominger is an accomplished investment professional with a deep understanding of the investment management landscape. She began her career at Oppenheimer Capital, where she worked for 18 years as an equity portfolio manager, serving as a Managing Director as well as a Member of the Executive Committee. Eileen Rominger then joined Goldman Sachs Asset Management in 1999 where she held increasingly senior leadership positions, becoming the company’s Global Chief Investment Officer. She subsequently served from 2011 to 2012 as the Director of the Division of Investment Management at the United States Securities and Exchange Commission, where she was instrumental in formulating and implementing regulatory policy for mutual funds and federally registered investment advisors. Since 2014, Eileen Rominger has held roles including being a senior advisor at CamberView Partners, a leading provider of advice to public companies on shareholder engagement, corporate governance, and activism.
Larry Zimpleman started his career in 1971 as actuarial intern at The Principal Financial Group, an investment management company that offers insurance solutions, asset management and retirement services to individual and institutional clients. From 1976 to 2006 he held various senior management and leadership positions at The Principal. He became President and Chief Executive Officer in 2008 and Chairman in 2009. Larry Zimpleman served as President, Chairman and CEO until August 2015, when he stepped down as President and CEO and retired as full-time employee in 2016 after a successful 44-year long career.
After 17 years as a member of Swiss Re’s Board of Directors, Rajna Gibson Brandon has decided to step down. She serves on the Finance and Risk Committee as well as the Investment Committee. In addition, current board members Mary Francis and C. Robert Henrikson are due to retire at the next AGM. Mary Francis was elected to Swiss Re’s Board in 2013 and is a member of the Audit Committee as well as the Finance and Risk Committee. C. Robert Henrikson was elected to Swiss Re’s Board of Directors in 2012 and has been the Chairman of the Compensation Committee since then. In addition, he is a member of the Chairman’s and Governance Committee and the Finance and Risk Committee.
Swiss Re Chairman of the Board of Directors, Walter B. Kielholz, says: “I would like to thank Mary, Rajna and Bob for their commitment and valuable contribution to Swiss Re – as well as their strategic advice and knowledge they have shared with us over the past years. All of them have helped to shape and oversee the company’s strategic direction; their counsel will be truly missed.”
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