Swiss Re CFO David Cole leaves

  • Push-out Score suggests push-out forces
  • After less than four years in the position
  • Accolades, praise, thanks and words of regret for Cole
  • John Dacey taking over

(exechange) — Zurich, Switzerland, December 8, 2017 — David Cole, finance chief of Swiss Re, leaves. As announced by Swiss Re Ltd in a news release on Friday, December 8, 2017, David A. Cole leaves his post as Chief Financial Officer at the reinsurance company after less than four years in the position, effective March 31, 2018.

Cole’s move comes 17 months after Christian Mumenthaler took over as CEO of Swiss Re Ltd.

Cole’s duties will be taken over by John Dacey, currently Chief Strategy Officer at Swiss Re Ltd.

With these changes, the Board of Directors has also decided that the two positions Group Chief Financial Officer and Group Chief Strategy Officer will be merged. As of April 1, 2018, Swiss Re’s Group Executive Committee will consist of 12 members.

“To pursue a non-executive career”

Cole’s departure from the CFO post is explained as follows. Swiss Re said: David Cole “will step down to pursue a non-executive career, while remaining a board member of several Swiss Re subsidiaries.”

The phrase “to pursue a non-executive career” opens the door to speculation.

Precise information about Cole’s future plans was not immediately available.

“Step down”

Swiss Re said: “After seven years with Swiss Re, David Cole will step down as Group Chief Financial Officer on 31 March 2018.”

Share price rise since October 2014

The change follows a rise in the share price of Swiss Re Ltd since October 2014.

Chaired by Walter B. Kielholz

Swiss Re Ltd is chaired by Walter B. Kielholz.

Walter B. Kielholz was elected to the Board of Directors of Swiss Reinsurance Company Ltd in 1998 and to the Board of Directors of Swiss Re Ltd in connection with its formation in 2011.

CEO: Christian Mumenthaler

Christian Mumenthaler serves as CEO of Swiss Re Ltd. Christian Mumenthaler has been Group Chief Executive Officer of Swiss Re Ltd. since July 1, 2016 and served as its Chief Executive Officer of Reinsurance since October 21, 2011 until July 1, 2016.

In the position of CFO since 2014

David A. Cole has been the Group Chief Financial Officer of Swiss Re Ltd. since May 1, 2014.

Cole served as Group Chief Risk Officer of Swiss Re Ltd., from March 1, 2011 to May 2014.

David Cole began his career in 1984 with ABN AMRO.

In 1999, he was appointed Executive Vice President and regional Head of Risk Management for Latin America, located in Brazil.

In 2001, he returned to Amsterdam to assume Corporate Centre responsibility within Group Risk Management.

He became Chief Financial Officer of Wholesale Clients (WCS) in 2002 and was appointed Senior Executive Vice President and Chief Operating Officer of WCS in 2004.

In January 2006, he became Head of Group Risk Management for ABN AMRO Bank and in 2008 was named Chief Financial Officer and Chief Risk Officer.

David Cole joined Swiss Re in November 2010 as Deputy Chief Risk Officer and was appointed Group Chief Risk Officer and member of the Group Executive Committee in March 2011.

He was appointed Group Chief Financial Officer as of May 2014.

External appointments

  • Member of the Board of Directors FWD Group
  • Member of the Supervisory Board IMC B.V.
  • Member of the Board of Directors Vontobel Holding AG

Educational background

  • Bachelor of Business Administration, University of Georgia, USA
  • International Business Program, Nyenrode Universiteit, The Netherlands.
Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered David Cole’s move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 50.2017 ($).