Former Munich Re Co. CEO Nikolaus von Bomhard is set to become chairman of the German reinsurer.
The company's nomination committee recommended that von Bomhard, who stepped down in 2017 after 13 years as CEO, be appointed to the board and take over as chairman with effect from the 2019 annual general meeting. Munich Re said von Bomhard has the "comprehensive knowledge of the business" needed by the supervisory board.
Von Bomhard told the Financial Times in June 2016, after his planned departure was announced, that he would be open to returning as chairman following the two-year cooling-off period required under German corporate governance rules.
Since April, von Bomhard has served as supervisory board chairman of Deutsche Post DHL Group. He will replace outgoing Chairman Bernd Pischetsrieder, who will not stand for re-election to the board. He has served as chairman since 2013 and been a board member since 2002.
Munich Re will also nominate Karl-Heinz Streibich for appointment to the supervisory board. He served as management board chairman of Software AG from October 2003 to August 2018.
Henning Kagermann is also not standing for re-election and will leave the board after the 2019 AGM.