UBS's Ermotti nominated to become Swiss Re chairman in 2021

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© Reuters. Swiss bank UBS CEO Sergio Ermotti addresses a news conference in Zurich© Reuters. Swiss bank UBS CEO Sergio Ermotti addresses a news conference in Zurich

ZURICH (Reuters) – Swiss Re (S:) said it will nominate UBS Group Chief Executive Sergio Ermotti to be its next chairman, the Swiss reinsurer said on Tuesday.

Ermotti, who is due to step down from Switzerland’s biggest bank in November, will replace Walter Kielholz at Swiss Re from 2021, the company said, confirming a Reuters story on Monday.

UBS last month named ING (AS:) Chief Executive Ralph Hamers to succeed Ermotti as CEO of the world’s largest wealth manager as of Nov. 1.

Ermotti, who has led UBS since 2011, had been coy about his future career path and had declined to speculate whether he would eventually replace UBS Chairman Axel Weber, who intends to stay in his post until 2022.

Ermotti, aged 59, is due to stand for election to Swiss Re’s board at the company’s shareholder meeting on April 17 and then be nominated for the chairman role next year.

He is due to replace Kielholz, who has been chairman of Swiss Re since 2009.

“As a company centred around knowledge and risk expertise, Swiss Re is a truly inspirational financial institution,” said Ermotti in a statement.

“I look forward to working together with the Board and the management team to take the company into the next successful chapter of its history.”

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