PartnerRe CEO & President To Retire
Bermuda based PartnerRe Ltd today announced that their President and CEO Patrick Thiele has decided to retire, effective December 31, 2010. 59 yr old Mr. Thiele will also step down from the Company’s Board of Directors at that time. Forbes lists his 2009 total compensation at over $9 million dollars.
Patrick Thiele has held the position of President and CEO since December 1, 2000. PartnerRe’s Board of Directors has anticipated Mr. Thiele’s decision to retire and is executing its CEO succession plan. The Board expects to announce a successor very soon.
Commenting on his decision to retire, Mr. Thiele said:
I have always believed that ten years is an appropriate amount of time to serve as a CEO, and given the position PartnerRe is in today, this is the right time for the Company too. By the end of 2010, I will have had the privilege of working with some of the most talented professionals in the reinsurance business for ten years, and I am proud of what we have created together — a Company that has the strength and depth to take on whatever the market may send its way. I look forward to working with my successor on a smooth transition in leadership, and then to a ‘lower-risk’ life with my family.
PartnerRe is a Bermuda based global reinsurer, providing multi-line reinsurance to insurance companies. For the year ended December 31, 2009, total revenues were $5.4 billion, and at December 31, 2009 total assets were $23.7 billion, total capital was $8.0 billion and total shareholders’ equity was $7.6 billion.
