Zurich elevates CRO to exec status

Zurich Financial Services Group has elevated the role of chief risk officer to group executive committee status, and appointed Axel P. Lehmann to the position, effective January 1, 2008.

Also from January 1, 2008, Mike Foley will succeed Lehmann as chief executive officer (CEO) of Zurich’s North America Commercial (NAC) division, and will become a member of the group executive committee.

Zurich said Lehmann brings extensive operational experience to the new role, which reflects the elevated importance attributed to the chief risk officer position. In addition, he will also assume responsibility for group IT, positioning the function as an enabler for profitable growth and operational transformation.

“[The appointment] demonstrates the strategic significance we place on risk management, as well as the breadth of our global talent pool.

Zurich chief executive officer James J. Schiro

Zurich chief executive officer James J. Schiro, commented: “Particularly in today’s complex environment, I am pleased that we can appoint someone with Axel’s record of success and proven leadership skills to this enhanced risk management role. It demonstrates the strategic significance we place on risk management, as well as the breadth of our global talent pool.”

Schiro said, “Mike’s vast operational experience and knowledge of the industry make him ideally suited to lead NAC.”