Appointments – Page 5

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Berkshire Hathaway’s Gen Re has announced that Ulrich Pasdika has been appointed to the Executive Board of General Reinsurance AG, effective 1 August 2020.

General Reinsurance AG is Gen Re’s German legal entity and the main risk carrier for its international business.

The appointment comes as part of Gen Re’s succession plan for its long-standing Head of International Life/Health business, Winfried Heinen, whose forthcoming retirement was announced earlier this year. Mr. Heinen will continue to serve in his roles until 31 July 2020.

Ulrich (Uli) Pasdika is an experienced re/insurance executive who has been with Gen Re for close to 20 years. He will continue to be responsible for the recently created Life/Health business segment Europe, Latin America and MENA. Prior to this role, he led Gen Re’s Life/Health business in Germany and headed-up the international Research & Development team – a core unit that combines underwriting and actuarial resources and underpins Gen Re’s successful risk management and product development services.

Mr. Heinen stated “I am very pleased about this move. Uli and I have worked closely together for almost two decades. During this time, he has played an instrumental role in building our franchise in the German market. In addition, in recent years he has spearheaded our digitisation and insurtech activities. He embodies both Gen Re’s traditional strengths and values and our focus on the future.”

Charlie Shamieh, Gen Re’s Chairman, said “I’m delighted about Uli’s appointment. His vast experience and strong expertise in the international protection markets, in combination with his unwavering client focus, make him the ideal candidate for this position.”

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Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway and BYD, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Berkshire Hathaway’s board of directors will have a new member and lose an old one as of the upcoming annual meeting on May 2.

Kenneth Chenault, the former CEO and Chairman of American Express from 2001 until 2018, and the third African American CEO of a Fortune 500 company, will join Berkshire’s board.

Chenault is 68, making him a relative youngster as far as Berkshire goes.

Berkshire Hathaway owns just over 18% of American Express stock.

Meanwhile, longtime board member Bill Gates is stepping down. Gates has been on Berkshire’s board since 1991.

“I have made the decision to step down from both of the public boards on which I serve – Microsoft and Berkshire Hathaway – to dedicate more time to philanthropic priorities including global health and development, education, and my increasing engagement in tackling climate change,” Gates wrote on a LinkedIn blog last Friday.

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Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.