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Member, Beacon International Group, Ltd.
ZURICH, SwitzerlandThe search is underway for a chief executive officer to replace James Schiro, who will leave Zurich Financial Services Group when his contract expires at the end of this year.
Mr. Schiro, who has led the Switzerland-based insurer for seven years, will step down at the age of 63, the customary retirement age for Zurich executives. In 2006, he was given a three-year contract that expires at the end of this year, a spokeswoman for Zurich confirmed.
Zurich's board of directors formed a committee last year to begin the search for a CEO to replace Mr. Schiro, the spokeswoman said. The committee will make a recommendation later this year to the board, which will decide on Mr. Schiro's replacement.
Mr. Schiro was named Zurich's CEO in 2002, replacing Rolf Huppi. Mr. Schiro joined the company as chief operating officer earlier that year. Before joining Zurich, he was CEO of PricewaterhouseCoopers.
Mr. Schiro is participating in the World Economic Forum this week in Davos, Switzerland.