Christian Mumenthaler, CEO of Swiss Re, will step down from his position. His successor has already been chosen.
There is a change of boss at Swiss Re. As announced by the reinsurance company, Andreas Berger will succeed Christian Mumenthaler on July 1, 2024.
Berger, a lawyer by training, has been CEO of Swiss Re Corporate Solutions since 2019. He previously held leadership positions at Boston Consulting Group, Gerling and Allianz. Mumenthaler has worked at the reinsurer since 1999. In 2016 he was appointed CEO of the group.
Since Mumenthaler took office, shares have risen 35 percent
“Given that Swiss Re's profitability has lagged behind its competitors in recent years, a change of CEO is not a big surprise,” Vontobel analyst Simon Fössmeier was quoted as saying by “Handelsblatt.” Since Mumenthaler took over, the share price has risen 35 percent, compared to Munich Re It is not a good value. The Munich-based company managed to grow by 200 percent in the same period.
Stocks are under pressure
New boss Berger is well received by analysts. According to a Vontobel analyst, he has an impressive track record as CEO of Corporate Solutions. This is what “Market Screener” reports. Analysts at Zürcher Kantonalbank (ZKB) also believe that the market will be positively received, writes Cash.
However, stocks are under pressure on Wednesday. This is what “finanzen.ch” reports. The stock was down 1.99 percent in SIX lunchtime trading.
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