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Zurich: Josef Ackermann resigns, Tom de Swaan acting chairman

Staff writer |
Zurich, Switzerland - August 29, 2013, Zurich, Switzerland - Zurich Insurance Group (Zurich) announces that the chairman, Josef Ackermann, has informed the board of directors that he is resigning from all his functions as a board member, effective immediately.

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Mr. Ackermann started his career at Schweizerische Kreditanstalt (SKA) in 1977. In 1990, he was appointed to the executive board of SKA, becoming its president in 1993. In 1996, Mr. Ackermann joined the management board of Deutsche Bank AG, where he was responsible for the investment banking division.

In 2002, he became spokesman of the management board and chairman of the group executive committee. Mr. Ackermann was chairman of the management board from February 2006 until May 2012. He has been serving as Chairman of Zurich Insurance Group Ltd until August 28, 2013.

Mr. Ackermann has been a member of the supervisory board of Siemens AG (second deputy chairman), Germany since 2003; a member of the board of directors of Royal Dutch Shell plc, The Netherlands since 2008; a member of the board of directors of Investor AB, Sweden since 2012; as well as vice-chairman of the board of directors of Belenos Clean Power Holding Ltd, Biel since 2008. In July 2013 he also became a member of the Board of Directors of EQT Holdings AB, Sweden.

Since 2012, he has been a member of the International Advisory Board of the China Banking Regulatory Commission (CBRC), the National Bank of Kuwait as well as of Akbank, Turkey. Mr. Ackermann also plays an active role in the World Economic Forum (vice-chairman of the foundation board); the St. Gallen Foundation for International Studies (chairman); the Foundation Lindau Nobel prizewinners Meetings at Lake Constance (Honorary Senate member) and the Metropolitan Opera New York (advisory director).

Also, and amongst others, in 2007, Mr. Ackermann accepted an appointment as visiting professor in finance at the London School of Economics. In July 2008, he was appointed Honorary Professor at Frankfurt's Johann Wolfgang Goethe University. Furthermore, he is an Honorary Fellow of the London Business School and holds an Honorary Doctorate from the Democritus University of Thrace in Greece. Mr. Ackermann is also member of the International Advisory Board of the Lingnan (University) College, Sun Yatsen University.

Mr. Ackermann gained his doctorate in economics and social sciences from the University of St. Gallen Switzerland.

The Vice-Chairman of the Board, Tom de Swaan, will assume the role of acting Chairman.

Mr. de Swaan has served in the banking industry of The Netherlands for more than 40 years. He joined De Nederlandsche Bank N.V. in 1972 and from 1986 until 1998 was a member of the governing board. In January 1999, he became a member of the managing board and chief financial officer of ABN AMRO Bank.

He retired from ABN AMRO in May 2006, but continued as an advisor to the managing board until June 2007. Between 1987 and 1988, Mr. de Swaan was chairman of the Amsterdam Financial Center and from 1995 to 1997 chairman of the banking supervisory sub-committee of the European Monetary Institute.

He was also a member of the Basel Committee on Banking Supervision from 1991 to 1996, its chairman from 1997 to 1998 and a non-executive director on the board of the UK's Financial Services Authority from January 2001 until the end of 2006. He has been a member of the Boards of Zurich Insurance Group Ltd and of Zurich Insurance Company Ltd since April 2006. In March 2012 he was elected Vice-Chairman.

Mr. de Swaan has been a non-executive member of the board of GlaxoSmithKline Plc since 2006. He has been a member of the supervisory board of Royal DSM, a Netherlands based nutrition group, since 2006. He has been the vice-chairman of the supervisory board of Royal Ahold, a global retail chain, since 2007.

Mr. de Swaan has been chairman of the supervisory board of Van Lanschot NV, the holding company of F. van Lanschot Bankiers, an independent Dutch bank, since 2008. He has also been a member of the public interest committee of KPMG ELLP since 2010 and a member of the International Advisory Board of the National Bank of Kuwait.

In addition, Mr. de Swaan is chairman of the advisory board of the Rotterdam School of Management. He is a member of the advisory board of China Banking Regulatory Committee in Beijing.

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