ZURICH, Dec 4 Reuters Swiss Life chief executive Patrick Frost will step down in May 2024, Switzerland39;s biggest life insurer said on Monday.

Frost, who has held the CEO role for ten years, will be replaced by Swiss Life39;s current finance chief Matthias Aellig, effective May 16, the company said in a statement.

The company39;s shares were down 1.7 in early morning trading.

We regret Patrick Frost39;s retirement as CEO, Vontobel analyst Simon Foessmeier said.

A significant part of Swiss Life39;s success in recent years has been the quality of the management team.

Swiss Life Chairman Rolf Doerig said incoming CEO Aellig had played a key role in helping Patrick Frost shape the strategy of the entire Group.

Swiss Life also announced the promotion of Marco Gerussi to CFO and additional leadership changes at Swiss Life Germany.

Reporting by Noele Illien, Editing by Rachel More

Source Reuters