Zurich Insurance Group has announced that Urban Angehrn, group chief investment officer has tendered his resignation, following his appointment as CEO of the Swiss Financial Market Supervisory Authority FINMA on Tuesday.
Zurich said in a statement that Peter Giger, currently group chief risk officer and member of Zurich's Executive Committee, will take on the additional responsibilities as group CIO on an interim basis with immediate effect until a "suitable permanent successor" for Urban Angehrn has been identified.
Angehrn had been CIO since July 2015 and was also a member of the Group's Executive Committee.
Mario Greco, group chief executive officer, Zurich said: "On behalf of the board, and the whole group, I would like to thank Urban for his long-standing service and leadership over 14 years at Zurich and to wish him every success in his new role as CEO of FINMA. I would like to pay tribute to his management of our investment portfolio in a volatile, low-interest rate environment and the key role he played in Zurich becoming a leading responsible investor.
"In Peter Giger, we are pleased to have an experienced, highly respected member of the Executive Committee who will provide continuity and leadership until a permanent successor for Urban is confirmed."
On leaving Zurich, Angehrn said: "It has been a privilege to work for a great company for more than a decade and to help shape and execute its investment strategy as part of an outstanding team."
In his new position as CEO of the Swiss watchdog FINMA, Angehrn succeeds Mark Branson, who was named president of the German finance regulator BaFin in March.
"FINMA is gaining an experienced leader with broad national and international financial market experience in the insurance, banking and asset management industries," Marlene Amstad, chair of FINMA's board of directors, it said in a statement.