Swiss Re has announced Sergio P. Ermotti will step down as Chairman after its upcoming annual general meeting on April 12.

The announcement follows Mr Ermotti’s appointment as CEO of Swiss-based bank UBS, starting April 5.

Mr Ermotti previously led UBS from 2011 to 2020 and will take over as the firm aims to implement a £2.65 billion ($4.30 billion) merger with rival bank Credit Swisse.

Swiss Re says Jacques de Vaucleroy, who has been nominated as Vice Chairman, will chair the group in the interim as the reinsurer begins its search for a successor.