Cost-conscious Swiss Re appoints new operating chief
Swiss Re has promoted Agostino Galvagni to COO and announced plans to trim its 11,560 workforce by about 10% over the next 12 months.
Mr Galvagni, who is currently Head of Insurance & Specialty, will step up on May 1. He replaces Stefan Lippe, who was elevated to CEO in February after the departure of Jacques Aigrain.
Swiss Re says it will cut costs by the reducing the number of its offices over the next 12 months.
Moves toward a simpler organisational structure, renewed focus on core reinsurance business and improved customer service follow a CHF864 million ($1.06 billion) full-year loss for 2008.
Mr Galvagni, who is currently Head of Insurance & Specialty, will step up on May 1. He replaces Stefan Lippe, who was elevated to CEO in February after the departure of Jacques Aigrain.
Swiss Re says it will cut costs by the reducing the number of its offices over the next 12 months.
Moves toward a simpler organisational structure, renewed focus on core reinsurance business and improved customer service follow a CHF864 million ($1.06 billion) full-year loss for 2008.