Swiss Life CEO Patrick Frost hands over to Matthias Aellig
Published: Monday, Dec 4th 2023, 08:10
Updated At: Monday, Dec 4th 2023, 08:10
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There will be a major change at the top of Swiss Life next year. Group CEO Patrick Frost will step down from his post at the 2024 Annual General Meeting in May. He will hand over the management of the Group to the current Chief Financial Officer Matthias Aellig.
"After 18 years on the Corporate Executive Board of Swiss Life, including ten years as CEO, I have decided to step back from operational activities in May and concentrate more on strategic tasks", Frost was quoted as saying in Monday's press release. In view of the Group's very positive development, it was the right time for this change.
He will be succeeded as CEO by Matthias Aellig, who has been responsible for finances at Swiss Life since March 2019, after the Annual General Meeting on 15 May. Frost, in turn, will then be proposed for election to the Board of Directors at the 2026 Annual General Meeting in two years' time.
An eventful time as CEO
Frost, who holds degrees in natural sciences (Dipl. Natw. ETH), economics (Dr. rer. pol.) and law (lic. iur.), moved to Swiss Life in 2006 from the former Winterthur Insurance and joined the Corporate Executive Board as Head of Investments. He took over as CEO from Bruno Pfister in July 2014.
With his far-sighted actions as CEO, Patrick Frost has shaped the Group "to a special degree" in challenging times, says Chairman of the Board of Directors Rolf Dörig in praise of the departing CEO. Frost consistently implemented the adopted strategy and the associated expansion of the fee-based business. The traditional life business, which ties up a lot of capital, took a back seat.
Frost himself suffered a stroke of fate in 2017. He was diagnosed with cancer and had to take a break for several months due to his tumor treatment. The treatment was successful and Frost also dealt with his illness story publicly.
Signs of continuity
The new head of Swiss Life, Matthias Aellig, is taking over the management of a healthy and profitable company. In recent years, Aellig has played a key role in shaping the strategy of the entire Group alongside Patrick Frost, says Chairman Dörig: "With this succession solution, the Board of Directors is sending a signal of continuity."
Aellig has held key positions at Swiss Life since 2010. He began as the Group's Head of Risk and was promoted to Chief Financial Officer four years ago. Together with the Corporate Executive Board, he will do everything in his power to continue Swiss Life's successful path, Aellig said in the press release.
He will be succeeded as Chief Financial Officer by Marco Gerussi, it was reported. Gerussi joined Swiss Life in 2010 and, as Head of Finance Transformation, assumed responsibility in 2018 for the major project to introduce the new IFRS 17/9 accounting rules this year. He has also been in charge of the Group's IT since this year.
Change also in Germany
Swiss Life has announced another resignation at the head of its German business. Head of Germany Jörg Arnold will step down at his own request at the end of June 2024, according to the press release. Arnold has held this position since 2017 and was largely responsible for the expansion of the advisor network in Germany.
Dirk von der Crone, who has worked for Swiss Life since 2005 and is responsible for the Services and Operations division of the financial sales organization and Human Resources in Germany, has been appointed as his successor.
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