Loss-battered Swiss Re announced last week that it has named a new chief operating officer and that it plans to trim more than 1,000 jobs from its global workforce and close some offices.
Last month, the company revealed it had a net loss of $736.3 million for 2008, and it replaced Chairman Peter Forstmoser with Vice Chairman and current Credit Suisse Chairman Walter B. Kielholz.
Effective May, the company said its new COO will be Agostino Galvagni. Mr. Galvagni, an Italian citizen, has been on the Swiss Re Executive Board since September 2005 and is currently head of Insurance & Specialty in Client Markets.
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