Swiss Re announced today first-half 2005 net profits fell 6 percent to $1.06 billion. In addition, the company said Chief Executive Officer John Coomber will retire at year's end and be replaced by his deputy, Jacques Aigrain.
Mr. Coomber assumed the CEO post in 2003 and during his tenure the company was brought back to profitability.
"As we change over to our new organizational structure, our long-term management plan now allows a smooth transition at the helm of the organization to Jacques Aigrain," Swiss Re said in a statement.
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