Zurich Financial Services has appointed Michael Paravicini chief information technology officer. Paravicini joins Zurich from Commerzbank where he has been chief information officer since 2000. Peter Pietsch, head of media relations at Commerzbank, was at pains to point out that, contrary to reports, the move was not connected to a recent interview Paravicini had given. In it he had told a newspaper that efforts to integrate back office operations with DZ Bank had proved extremely tough.
According to Pietsch this had "nothing to do with his departure which is purely to do with personal reasons. Mr Paravicini has been made an attractive offer and it is understandable that he has accepted it. But we regret his departure because he is an expert".
Pietsch added that Commerzbank's talks with DZ Bank were continuing, as he said they were with other banks. "We are in constant contact with other banks about cooperation," he said. "as many German banks are."
Commerzbank said Paravicini's job would be taken by Martin Blessing, the board member responsible for retail and private banking.
In a separate move, the board of Zürich Beteiligungs and Deutscher Herold has appointed Eduard Thometzek deputy chief executive officer of Zurich Group Germany. The appointment will take effect from the new year.
Thometzek has considerable experience in the financial services industry. After a number of managerial positions in the Kaisers/Tengelmann group, the Bausparkasse Wüstenrot and Citibank, he joined the Württembergische Insurance Group in 1991.
In 1995 Thometzek was appointed to Württembergishce's board and since the group merger with Wüstenrot Group in 1999, he has been responsible for marketing and distribution.
Axel Lehmann, CEO of the business division continental Europe, said: "After the successful completion of the first phase of the integration of Zurich and Deutscher Herold, Eduard's skill and experience will provide the leadership needed to solidify Zurich's strong position in a key market such as Germany."