Agostino Galvagni new chief operating officer to cut 10%
Swiss Re has named Agostino Galvagni as chief operating officer from 1 May 2009 and announced it will cut one in ten jobs in the next year.
“Swiss Re is taking steps to increase its focus on profitable core business and strengthen its capital position. Swiss Re will also accelerate efforts to simplify the organisation and improve operational effectiveness. As previously announced, this will lead to running cost reductions of CHF400 million by the end of 2010,” it said.
Stefan Lippe, Swiss Re’s chief executive, said: “Business focus and delivery of results have always been the hallmark of Agostino Galvagni, and we are delighted that he will strengthen our leadership team. He brings in-depth business and client servicing experience to this role. Agostino Galvagni will help to apply best practice in staying client focused, while we are accelerating our plan to build a stronger firm.”
The company said it intends to reduce its current global headcount of 11,560 by approximately 10% over the next 12 months.
