Sompo announces high level changes
Sompo is reorganising its group structure and is to create the position of group chief operating officer (COO) from Jan. 1, 2019.
The company said that the new COO will support the chief executive officer (CEO) in the management of the group and make decisions on behalf of the CEO with respect to domestic, operational and administrative items.
In addition Sompo Holdings is changing its governance structure from having a board of company auditors to committees in order to “accelerate the decision-making and execute more actively to achieve its goals,” according to a corporate statement.
The change in the governance structure includes the establishment of “Global ExCo” (Global Executive Committee) in April 2019 to “discuss and make decisions from the group-wide viewpoint”. It will act as an advisory board to the group CEO. Key members of this board include executives from Sompo’s overseas insurance business such as John Charman and Nigel Frudd.
In addition, the Sompo International Holdings (SIH) board of directors will be expanded from 3 to 5 members.
Furthermore, John Charman will assume the role of CEO of overseas insurance business of Sompo Holdings and remain as SIH executive chairman. Nigel Frudd will be appointed as SIH CEO in addition to chairman of overseas M&A of SOMPO Holdings. Recai Dalaş will be appointed as “CEO of SIH Retail” which is going to be established within SIH. Retail ExCo will be formed under SIH with key overseas executives in the group in the same way as the P&C (commercial) insurance business. SIH Retail will be based in Istanbul, Turkey.
