Swiss Re's New Broom

Christian Mumenthaler, Swiss Re's new CEO

Christian Mumenthaler, Swiss Re's new CEO

Four years ago, he was close to taking the top job – now he got it. Swiss Re, the world's second-biggest reinsurer, has appointed a man from within its ranks as new chief executive officer.

Swiss Re has appointed Christian Mumenthaler as its new CEO, the company said in a statement today. He will take up his new duties on July 1.

Mumenthaler, 46, will replace Michel Liès, who is due to retire after four years at the helm of the company. Liès was named CEO in 2012 to the surprise of analysts who had expected Mumenthaler, Thomas Wellauer or Martin Albers to be appointed.

Internal Succession for Smooth Transition

The new CEO has worked for the Zurich-based company for 17 years and signed responsible for its biggest division for five years. Being in charge of the reinsurance business, Mumenthaler is responsible for 85 percent of the company's revenue.

In the statement, the board of directors expressed its satisfaction about finding an internal succession, because it promises to provide a smooth transition. The new manager is familiar with Swiss Re's strategy and is already implementing it successfully on a daily basis.

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