The vice-chair of Credit Suisse is to leave the Swiss bank, just weeks after major shareholders said they would attempt to block his re-election to the board if he stood again.

Severin Schwan, who is also chief executive of pharma group Roche, has been on the board of the bank since 2014 as it has dealt with a succession of scandals, including its involvement with family office Archegos and supply chain finance group Greensill Capital.

Several investors told the Financial Times last month that they had concerns about Schwan’s ability to be vice chair at the bank at the same time as leading Roche, and some said that they would vote against his re-election to the board.

Credit Suisse said on Monday that Schwan would depart alongside fellow directors Kai Nargolwala and Juan Colombas in a shake-up of directors. Colombas had only been on the board since last year.

The trio will be replaced by former UniCredit chief financial officer Mirko Bianchi, LSE professor Keyu Jin and former Wells Fargo chief risk officer Amanda Norton. Christian Gellerstad, who is already a director, will become vice-chair.

The board shake-up comes two months after Axel Lehmann became chair, taking over from António Horta-Osório, who resigned in January after breaching Covid quarantine rules.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here