Martin Senn, chief executive officer at Zurich Insurance Group resigned from his post. The chairman of the company will temporarily assume his responsibilities.
After six years as chief executive Martin Senn quit his job, Zurich Insurance said in a statement on Tuesday. Tom de Swaan, chairman of the board, will temporarily take over before a permanent replacement has been found.
Senn decided to leave the company by the end of the year in agreement with the board, the statement said. The CEO had been at Zurich for ten years. The insurance company has already started the process of looking for a replacement for the outgoing chief executive.
Mounting Pressure on Company
The sudden departure of the CEO comes as little surprise given the recent difficulties facing the company. Zurich had to issue a profit warning following unexpected damages claims and even partially pulled out of the Middle East.
Tom de Swaan, chairman since 2013, will let other mandates at listed companies rest while acting as chief executive of Zurich, the company said. Fred Kindle, vice chairman, will assume additional duties during de Swann's tenure to ensure proper governance.
