Munich Re Chief Executive to Step Down at End of 2003

Munich Re recently announced its chief executive, Hans-Juergen Schinzler, will step down at the end of 2003 and be replaced by board member Nikolaus von Bomhard, according to the Associated Press.

Schinzler resignation is at his own accord, as part of a long-term strategy for the organization. He has served with Munich Re for 35 years, with 11 years as chief executive.

Von Bomhard presently handles regional divisions covering northern, western and southern Europe and Latin America. He has been with the company since 1985.