Zurich, Switzerland -- Swiss Reinsurance Co. Chief Executive Officer Jacques Aigrain resigned Thursday saying he had lost the trust of investors to run the Swiss firm.
Aigrain said shareholders would "not automatically trust" his ability to "facilitate the full turnaround" of the struggling company, The Wall Street Journal reported.
Swiss Re's shares have fallen 62 percent this year. Aigrain, who became CEO in 2006, said he was "obviously very sad" to leave the firm, the Journal said.
Swiss Re named 25-year company employee Stefan Lippe as its new CEO.
"I am clear about the challenges that Swiss Re needs to address," said Lippe, who joined the company's board in 1995 and was promoted to chief operating officer in 2008.
Copyright 2009 by United Press International.