By Christian Baumgaertel
March 9 (Bloomberg) -- Swiss Reinsurance Co., the world’s second-biggest reinsurer, appointed Credit Suisse Chairman Walter B. Kielholz to head its board of directors after a record loss that forced it to turn to Warren Buffett for capital.
Kielholz, currently vice chairman of Swiss Re, will replace Peter Forstmoser, who will step down on May 1, the Zurich-based reinsurer said today in a statement. At Credit Suisse, Kielholz will be replaced as chairman by his deputy, Hans-Ulrich Doerig, while keeping a seat on the board of directors, the bank said in a separate statement.
“In view of the major challenges confronting us, I have decided to concentrate fully on the Swiss Re chairmanship and to relinquish this role at Credit Suisse,” Kielholz said the statement.
Swiss Re last month replaced Chief Executive Officer Jacques Aigrain after a failed effort to boost earnings with sales and trading of securities. It turned to Berkshire Hathaway Inc. for 3 billion Swiss francs ($2.6 billion) last month to shore up capital, an investment that will give Buffett a stake of more than 20 percent in the Swiss company.
Swiss Re has lost three-quarters of its market value this year and fell to a record low of 12.37 francs a share last week. That values the company at 4.4 billion francs.
Credit Suisse proposed Urs Rohner, the bank’s chief operating officer and general counsel, to become vice chairman of the board of directors.
“Credit Suisse has had a good start to 2009,” the lender said. “The board believes that this is an appropriate moment to make these changes.”
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