PartnerRe Announces New Chairman and Changes to the Board
PartnerRe Ltd. has announced that, in connection with the close of the transaction announced on July 12, 2022, Thierry Derez, Chief Executive Officer of Covéa Group, will replace Brian Dowd as Chairman of the Company’s Board of Directors. Mr. Dowd will remain on the Board as an independent director, along with existing independent directors Mary Ann Brown and Hermann Pohlchristoph. PartnerRe President and CEO, Jacques Bonneau will also remain on the Board.
At the same time, the Company announced that Enrico Vellano and António Horta-Osório have resigned from the Board, in connection with the close.
Joining the Board are Maud Petit, Chief Financial Officer and deputy CEO Covéa Group, and Thierry Francq, General Manager for Transformation and International Activities Covéa Group. Ms. Petit was named Chief Financial Officer and deputy CEO of Covéa Group in 2018 and brings more than 25 years of experience in the re/insurance industry. Mr. Francq, former General Secretary of the French Financial Markets Supervisory Authority, joined Covéa in 2018 as Chief of Staff to the Chairman and Chief Executive Officer, before being appointed General Manager Strategy and Transformation in December 2019 and then Group General Manager for Transformation and International Activities in 2020.
Commenting on the appointments, Jacques Bonneau said, “On behalf of the Board, I would like to thank Enrico and Antonio for their valuable contributions during their time on the PartnerRe Board. I would also like to welcome our new Chairman and Board members, who will further strengthen the Board’s breadth and depth of talent and will bring a new and valuable perspective.”
With these changes the PartnerRe Ltd. Board will comprise seven directors of which three are independent directors.
Credit Suisse Group appoints Axel P. Lehmann as new Chairman; António Horta-Osório has resigned
Credit Suisse Group announced yesterday that the Board of Directors (Board) has appointed Axel P. Lehmann as the bank’s new Chairman effective immediately. He succeeds António Horta-Osório, who resigned following an investigation commissioned by the Board. Under the leadership of Axel Lehmann, the Board and the Executive Board will continue to execute Credit Suisse’s strategy, driving forward the transformation of the bank.
Mr. Horta-Osório said: “I have worked hard to return Credit Suisse to a successful course, and I am proud of what we have achieved together in my short time at the bank. Credit Suisse’s strategic realignment will provide for a clear focus on strengthening, simplifying and investing for growth. I am convinced that Credit Suisse is well positioned today and on the right track for the future. I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally. I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time. I wish my colleagues at Credit Suisse every success for the future.”
Severin Schwan, Vice-Chairman and Lead Independent Director of the Board of Credit Suisse, said: “We respect António’s decision and owe him considerable thanks for his leadership in defining the new strategy, which we will continue to implement over the coming months and years. Axel Lehmann as the new Chairman, with his extensive international and Swiss industry experience, is ideally suited to drive forward the strategic and cultural transformation of the bank. We wish Axel every success in his new role and António all the best for the future.”
Axel Lehmann in office as new Chairman
Following his appointment by the Board, Axel Lehmann has taken office as Chairman. The Board will also propose him for election as Chairman at the upcoming Annual General Meeting on April 29, 2022.
Axel Lehmann, Chairman of Credit Suisse, said: “I would like to thank the Board for the trust it has placed in me and look forward to working even more closely with the Board and the Executive Board. We have set the right course with the new strategy and will continue to embed a stronger risk culture across the firm. By executing our strategic plan in a timely and disciplined manner, without distraction, I am convinced that Credit Suisse will demonstrate the renewed strength and business focus needed to generate sustainable value for all of our stakeholders.”
Axel Lehmann was elected as a member of the Board of Directors of Credit Suisse Group by the Extraordinary General Meeting held on October 1, 2021 and also became the Chair of the Risk Committee. He was formerly a member of the Group Executive Board of UBS Group, initially as Group Chief Operating Officer and then as President Personal & Corporate Banking and President UBS Switzerland. Between 2009 and 2015, Mr. Lehmann served as a non-executive director and a member of the Risk Committee of UBS Group and was a member of the Governance and Nominating Committee from 2011 to 2013.
His career at Zurich Insurance Group spanned almost 20 years, nearly 14 of which were as a member of the Group Executive Committee in various roles. These include responsibility for the insurer’s European and North America business, group IT and as Chief Risk Officer.
Mr. Lehmann currently holds mandates at several academic and non-profit institutions, including serving as an adjunct professor at the University of St. Gallen. He holds a PhD in Business Administration from the University of St. Gallen and is a graduate of the Advanced Management Program of the Wharton School, University of Pennsylvania, USA. Mr. Lehmann is a Swiss citizen.
Britannia announces new Chairman
The Britannia Steam Ship Insurance Association Limited (Britannia) has announced that on 15th October, Nigel Palmer OBE retired as chairman of the Britannia Board and was succeeded by Tony Firmin.
Mr Palmer started his career as a cadet with BP Tanker Co, where he rose to the rank of Master before taking on various corporate roles within BP prior to retiring in 2004. He then became a Director on the Britannia Board before taking on the role of Chairman in May 2008.
Mr Firmin joined Hapag-Lloyd in 1995, initially as Finance Director of Hapag-Lloyd America Inc., responsible for the USA, Canada and Latin America. His career with the transnational container shipping line culminated with his election in July 2014 to its Executive Board, serving as Chief Operating Officer until his retirement on 30th June 2019. Mr Firmin has been Britannia’s Deputy-Chairman since October 2016.
Commenting on the announcement, Mr Palmer said: “It has been my immense pleasure to have helped steer the world’s oldest P&I club over the past decade, where we have faced numerous challenges within the maritime industry on behalf of our Members”.
Paying tribute to Mr Firmin, he added: “Tony brings his considerable maritime and financial experience that will help guide Britannia in the coming years as it continues its recent programme of regional expansion and tonnage growth whilst maintaining its financial strength.”
Cosco Shipping Development appoints new chairman
Cosco Shipping Development, the integrated financial services platform of Cosco, has appointed Wang Daxiong as its new chairman, replacing Sun Yueying who has retired.
Wang was previously the managing director and CEO of Cosco Shipping Development, and also served as chairman of Cosco Shipping Financial Holding.
Cosco Shipping Development, formerly China Shipping Container Lines (CSCL), was transformed from a container line operator to financial services provider after Cosco and China Shipping completed a merger in 2016.
Baltic Exchange Council Elects Denis Petropoulos as New Chairman
Maritime industry information provider Baltic Exchange Council has elected Braemar Tankers-founding partner Denis Petropoulos as its new chairman.
Petropoulos will officially take over the role from Duncan Dunn on June 1.
Petropoulos most recently headed up Braemar’s Singapore office for seven years, before returning to the UK.
He has been a Baltic Exchange member since 1999 and has held positions on the Baltic board 2002-2007 and joined the council in January 2019.
“Denis Petropoulos is a highly respected and well-known shipbroker who played a critical role in the setting up of the Baltic tanker indices in the late 1990s,” said Mark Jackson, Baltic Exchange chief executive.
“During my term in office I intend to pay particular attention to raising awareness of the maritime industry to the younger generation,” Petropoulos said.
“At the same time I want to ensure that Baltic members’ ideas and concerns are heard at Council level as well as support the Baltic’s drive to increase its profile in Asia.”
The Baltic Exchange Council is the governing body which oversees the Baltic, including its membership committee, in relation to the Baltic Exchange’s strategy for membership services, social responsibility and relationship with its members, governments, regulatory bodies and the global shipping community.