Credit Suisse Group AG proposes new appointments to the Board of Directors
The Board of Directors (Board) is proposing Mirko Bianchi, Keyu Jin and Amanda (Mandy) Norton for election as non-executive members of the Board at the Annual General Meeting of Shareholders (AGM) to be held on April 29, 2022. Severin Schwan, Kai S. Nargolwala and Juan Colombas have informed the Board that they will not stand for re-election at the 2022 AGM. Christian Gellerstad will become Vice-Chair and Lead Independent Director.
Severin Schwan, who joined the Board in 2014 and has acted as Vice-Chair and Lead Independent Director since 2017, has decided not to stand for re-election. Kai S. Nargolwala, who joined the Board in 2013 and has held the role of Chair of the Compensation Committee since 2017, and Juan Colombas, who joined recently, have also decided that they will not stand for re-election at the upcoming AGM. Christian Gellerstad, who joined the Board in 2019, will be appointed as Vice-Chair and Lead Independent Director as well as Chair of the Compensation Committee, taking over from Kai S. Nargolwala, subject to his re-election at the upcoming AGM.
Axel P. Lehmann, Chairman of the Board of Directors, said: “I would like to thank Severin, Kai and Juan for their respective invaluable contributions. Severin and Kai, in particular, deserve the highest recognition for having helped steer the company through some challenging periods with commitment, perseverance and dedication.”
“At the same time, I am extremely pleased that Christian Gellerstad is prepared to accept the appointment of Vice-Chair and Lead Independent Director of the Board and Chair of the Compensation Committee, subject to his re-election at the upcoming AGM. Christian’s profound business and financial industry expertise will help him oversee the strategic transformation of the bank, and in particular our growth ambitions for Wealth Management.”
The Board today further announced the nomination of Mirko Bianchi, Keyu Jin and Amanda (Mandy) Norton for election to the Board at the upcoming AGM. Subject to his election, the Board intends to appoint Mirko Bianchi as Chair of the Audit Committee. Mandy Norton would join the Board on July 1, 2022, subject to her election at the upcoming AGM. In addition, the Board intends to appoint the current Chair of the Audit Committee, Richard Meddings, as Chair of the Risk Committee, subject to his re-election at the upcoming AGM. He will succeed Axel Lehmann, who was appointed Chairman of the Board on January 16, 2022.
Mirko Bianchi was most recently at UniCredit, where he served in a number of finance roles such as group Chief Financial Officer for the bank in Milan. His most recent position at UniCredit was Chief Executive Officer of Wealth Management and Private Banking. Over 30 years, Mirko Bianchi has held senior rating and finance leadership roles in leading financial services companies across the globe such as UBS Group, Deutsche Bank and Moody’s Investor Services. He has an MBA from Fordham University, New York, and an MSc in Chemical Engineering from ETH Zurich. Mirko Bianchi is a US and Swiss citizen.
Keyu Jin is a professor of Economics at the London School of Economics, focusing on topics including global capital flows, international technology competition and China’s growth model. She is a non-executive director of Richemont Group and Qingdao AInnovation venture. Keyu Jin was previously a visiting scholar at the International Monetary Fund, and she has taught at Yale University and UC Berkeley. She holds a BA, MA and PhD from Harvard University and is a Chinese citizen.
Amanda (Mandy) Norton most recently served at Wells Fargo as group Chief Risk Officer. She brings with her over 30 years of experience in risk functions across financial services companies including various risk executive roles with JPMorgan Chase and Bank of America. Mandy Norton also served in senior roles at Ally Financial and Chase Manhattan Bank UK. She has a BSc in Mathematics and Statistics from the University of Bath. She is a US and British citizen.
Axel Lehmann said: “I am delighted that Mirko, Keyu and Mandy have been nominated to join our Board. Both Mirko and Mandy bring highly relevant banking, finance and risk experience, with careers spanning more than three decades in globally leading financial institutions. Keyu will further strengthen the Board’s focus on the APAC growth region and position the Board closer to China’s next generation and fintech development. I look forward to working with Christian as he takes on new responsibilities and with Mirko, Keyu and Mandy in their new roles as members of the Board.”
The appointments of Mirko Bianchi, Keyu Jin and Mandy Norton are subject to regulatory approval.
The Board intends to appoint the following individuals as Chairs of the Board of Directors’ Committees subject to their election or re-election at the upcoming AGM:
Chair of the Governance and Nomination Committee – Axel Lehmann
Chair of the Audit Committee – Mirko Bianchi
Chair of the Compensation Committee – Christian Gellerstad
Chair of the Conduct and Financial Crime Control Committee – Clare Brady
Chair of the Risk Committee – Richard Meddings
Chair of the Digital Transformation and Technology Committee – Blythe Masters
In light of Christian Gellerstad’s appointment as Vice-Chair and Lead Independent Director of the Board of Credit Suisse Group AG, Peter Derendinger will continue to serve as Chairman of Credit Suisse (Schweiz) AG and Christian Gellerstad will remain a member of the Credit Suisse (Schweiz) AG Board.
AGM proposals
The further proposals to be put forth for shareholder vote at the 2022 AGM on April 29, 2022 will be published with the invitation and agenda for the 2022 AGM, which will be sent to shareholders and available on the Credit Suisse website approximately one month prior to the event at: www.credit-suisse.com/agm.
Παραιτήθηκε ο πρόεδρος της Credit Suisse
Ο Όμιλος Credit Suisse ανακοίνωσε χθες ότι το Διοικητικό Συμβούλιο (ΔΣ) διόρισε τον Axel P. Lehmann ως νέο Πρόεδρο της τράπεζας με άμεση ισχύ. Διαδέχεται τον António Horta-Osório, ο οποίος παραιτήθηκε μετά από έρευνα που ανέθεσε το Διοικητικό Συμβούλιο. Υπό την ηγεσία του Axel Lehmann, το Διοικητικό Συμβούλιο και το Εκτελεστικό Συμβούλιο θα συνεχίσουν να εκτελούν τη στρατηγική της Credit Suisse, προωθώντας τον μετασχηματισμό της τράπεζας.
Ο Antonio Horta-Osório, μετά από μόλις εννέα μήνες στη θέση του, αποχώρησε μετά από έρευνα που ανέθεσε το διοικητικό συμβούλιο, η οποία, μεταξύ άλλων, περιλάμβανε και παραβιάσεις των κανόνων καραντίνας στην Ελβετία και στο Ηνωμένο Βασίλειο.
Λεπτομέρειες για τις παραβιάσεις της καραντίνας του Horta-Osorio δόθηκαν για πρώτη φορά έναν μήνα πριν, αποκαλύπτοντας ότι είχε επιστρέψει στην Ελβετία από το Ηνωμένο Βασίλειο στις 28 Νοεμβρίου και είχε φύγει για την Ιβηρική χερσόνησο πριν ολοκληρωθεί η υποχρεωτική περίοδος καραντίνας 10 ημερών.
Στο μεταξύ, μια άλλη παραβίαση καραντίνας, τον Ιούλιο του 2021, προέκυψε κατά τη διάρκεια εσωτερικής έρευνας. Το στέλεχος είχε επισκεφτεί τους τελικούς τένις του Wimbledon στο Λονδίνο κατά τη διάρκεια αυτού του μήνα, κατά παράβαση των κανονισμών του Ηνωμένου Βασιλείου για την Covid εκείνη την εποχή, ανέφερε το Reuters.
Ο απελθών πρόεδρος πρωτοστατούσε, επίσης, όταν η Credit Suisse επλήγη από τα δύο σκάνδαλα της Greensill Capital και της Archegos Capital Management, τα οποία κόστισαν στην τράπεζα περισσότερα από 5 δισ. δολάρια και μείωσαν τη μετοχή κατά 20%. Ο πρώην διευθύνων σύμβουλος της Lloyds Banking Group Plc είχε ενταχθεί στην τράπεζα για να αποκαταστήσει τη ζημιά.
Ο Horta-Osório δηλωσε: «Έχω δουλέψει σκληρά για να επιστρέψω την Credit Suisse σε μια επιτυχημένη πορεία και είμαι περήφανος για όσα πετύχαμε μαζί στο σύντομο διάστημα στην τράπεζα. Η στρατηγική αναπροσαρμογή της Credit Suisse θα εστιάζει στην ενίσχυση, την απλούστευση και τις αναπτυξιακές επενδύσεις. Είμαι πεπεισμένος ότι η Credit Suisse βρίσκεται σε καλή θέση σήμερα και στον σωστό δρόμο για το μέλλον. Λυπάμαι που ορισμένες από τις προσωπικές μου ενέργειες οδήγησαν σε δυσκολίες για την τράπεζα και έθεσαν σε κίνδυνο την εκπροσώπηση της τράπεζας εσωτερικά και εξωτερικά. Πιστεύω λοιπόν ότι η παραίτησή μου είναι προς το συμφέρον της τράπεζας και των ενδιαφερομένων της σε αυτήν την κρίσιμη στιγμή. Εύχομαι στους συναδέλφους μου στην Credit Suisse κάθε επιτυχία για το μέλλον».
Ο Severin Schwan, Αντιπρόεδρος και Επικεφαλής Ανεξάρτητος Διευθυντής του Διοικητικού Συμβουλίου της Credit Suisse, δήλωσε: «Σεβόμαστε την απόφαση του António και του οφείλουμε σημαντικές ευχαριστίες για την ηγεσία του στον καθορισμό της νέας στρατηγικής, την οποία θα συνεχίσουμε να εφαρμόζουμε τους επόμενους μήνες και χρόνια . Ο Axel Lehmann ως νέος Πρόεδρος, με την εκτεταμένη διεθνή και ελβετική εμπειρία του στον κλάδο, είναι ιδανικός για να προωθήσει τον στρατηγικό και πολιτιστικό μετασχηματισμό της τράπεζας. Ευχόμαστε στον Axel κάθε επιτυχία στο νέο του ρόλο και στον António ό,τι καλύτερο για το μέλλον».
Ο Axel Lehmann στη θέση του νέου προέδρου
Μετά τον διορισμό του από το Διοικητικό Συμβούλιο, ο Axel Lehmann ανέλαβε τα καθήκοντά του ως Πρόεδρος. Το Διοικητικό Συμβούλιο θα τον προτείνει επίσης για εκλογή Προέδρου στην επερχόμενη Ετήσια Γενική Συνέλευση στις 29 Απριλίου 2022.
Ο Axel Lehmann, Πρόεδρος της Credit Suisse, δήλωσε: «Θα ήθελα να ευχαριστήσω το Διοικητικό Συμβούλιο για την εμπιστοσύνη που μου έδειξε και ανυπομονώ να συνεργαστώ ακόμη πιο στενά με το Διοικητικό Συμβούλιο και το Εκτελεστικό Συμβούλιο. Έχουμε χαράξει τη σωστή πορεία με τη νέα στρατηγική και θα συνεχίσουμε να ενσωματώνουμε μια ισχυρότερη κουλτούρα κινδύνου σε ολόκληρη την εταιρεία. Εκτελώντας το στρατηγικό μας σχέδιο έγκαιρα και πειθαρχημένα, χωρίς περισπασμούς, είμαι πεπεισμένος ότι η Credit Suisse θα επιδείξει την ανανεωμένη δύναμη και την επιχειρηματική εστίαση που απαιτείται για τη δημιουργία βιώσιμης αξίας για όλους τους μετόχους μας».
Ο Axel Lehmann εξελέγη μέλος του Διοικητικού Συμβουλίου του Ομίλου Credit Suisse από την Έκτακτη Γενική Συνέλευση που πραγματοποιήθηκε την 1η Οκτωβρίου 2021 και έγινε επίσης Πρόεδρος της Επιτροπής Κινδύνων. Προηγουμένως ήταν μέλος του Εκτελεστικού Συμβουλίου του Ομίλου της UBS Group, αρχικά ως Chief Operating Officer και στη συνέχεια ως Πρόεδρος Personal & Corporate Banking και Πρόεδρος UBS Switzerland. Μεταξύ 2009 και 2015, ο κ. Lehmann υπηρέτησε ως μη εκτελεστικός διευθυντής και μέλος της Επιτροπής Κινδύνων του Ομίλου UBS και ήταν μέλος της Επιτροπής Διακυβέρνησης και Υποψηφιοτήτων από το 2011 έως το 2013.
Η καριέρα του στην Zurich Insurance Group διήρκεσε σχεδόν 20 χρόνια, σχεδόν 14 από τα οποία ήταν μέλος της Εκτελεστικής Επιτροπής του Ομίλου σε διάφορους ρόλους. Αυτά περιλαμβάνουν την ευθύνη για τις επιχειρηματικές ασφαλιστικές δραστηριότητες στην Ευρώπη και τη Βόρεια Αμερική, τον όμιλο πληροφορικής και ως Chief Risk Officer.
Proposed new appointments to the Board of Directors of Credit Suisse Group AG
The Board of Directors (Board) of Credit Suisse Group AG is calling an Extraordinary General Meeting (EGM) and proposing Axel P. Lehmann and Juan Colombas for election as new non-executive members of the Board at such EGM to be held on October 1, 2021.
The Board of Credit Suisse announced the nomination of Axel Lehmann and Juan Colombas for election to the Board at an EGM of Credit Suisse Group AG to be held on October 1, 2021. Subject to their elections, the Board intends to appoint Axel Lehmann as Chair of the Risk Committee, succeeding Richard Meddings, who has held this role on an ad interim basis in addition to being Chair of the Audit Committee.
António Horta-Osório, Chairman of Credit Suisse, said: “I am extremely pleased that Axel Lehmann and Juan Colombas have been nominated to join our Board. With their deep experience in risk management and business leadership, and both with careers spanning approximately three decades in financial services, they will make an invaluable contribution as we shape the bank’s strategic realignment and enhance our culture of risk management and personal responsibility and accountability. I look forward to working closely with them in their new respective roles as members of the Board.”
Axel Lehmann is a seasoned financial services leader with a wealth of experience in risk management, operations and business leadership. He was most recently a member of the Group Executive Board of UBS Group AG, initially as Group Chief Operating Officer and then as President Personal & Corporate Banking and President UBS Switzerland, positions he stepped down from as of January 31, 2021. Between 2009 and 2015, Axel Lehmann served as a non-executive director and a member of the Risk Committee of UBS Group AG. During that time, he was the Chief Risk Officer and Regional Chairman for Europe, Middle East and Africa at Zurich Insurance Group. His career at Zurich Insurance Group spanned almost 20 years, nearly 14 of which were as a member of the Group Executive Committee in various roles. These include responsibility for the insurer’s European and North America business, group IT and as Chief Risk Officer. Axel Lehmann currently holds mandates at several academic and non-profit institutions, including serving as an adjunct professor at the University of St. Gallen. He holds a PhD in Business Administration from the University of St. Gallen and is a graduate of the Advanced Management Program of the Wharton School, University of Pennsylvania, USA. Axel Lehmann is a Swiss citizen.
Juan Colombas has been a non-executive director and member of the Audit and Risk Committees at ING Group since 2020. He has extensive financial services industry experience with expertise in digital transformation, banking and risk management, and cyber security. His long experience as an executive in retail and commercial banking in the UK and Europe includes his recent position as Chief Operating Officer and previously Chief Risk Officer at Lloyds Banking Group spanning from 2011 to 2020. Prior to that, he spent 25 years with Santander Group where he was Executive Director and Chief Risk Officer of Santander’s UK business from 2006 to 2010. Before becoming Chief Risk Officer, he held a number of senior risk, control and management roles at Santander Group. He holds a Bachelor’s of Science degree from the Madrid Polytechnic University, a financial management degree from ICADE, Madrid, and a Master’s in Business Administration from the Instituto de Empresa, Madrid. Juan Colombas is a Spanish citizen.
The EGM will, in light of the continuing exceptional circumstances due to the COVID-19 pandemic, be held without the personal attendance of shareholders, as provided for in the Ordinance 3 of the Swiss Federal Council regarding measures on combatting the Coronavirus. Shareholders shall be represented exclusively by the independent proxy. The invitation to the EGM will be published within the coming weeks.
Credit Suisse: Board of Directors statement on the findings of the investigation into the observation of Iqbal Khan
The Board of Directors of Credit Suisse Group AG took note of the results of the investigation, which Homburger, attorneys-at-law, conducted on behalf of the Board of Directors.
The key findings of this investigation are the following:
– On August 29, 2019, when UBS announced the employment of Iqbal Khan, Credit Suisse’s Chief Operating Officer (COO) ordered the Credit Suisse Head of Global Security Services to initiate the observation of Iqbal Khan.
– During the Homburger investigation, the COO said that he alone, in order to protect the interests of the bank, decided to initiate the observation of Iqbal Khan, and that he did not discuss it with Credit Suisse’s Chief Executive Officer (CEO), any other member of Credit Suisse’s Executive Board, the Chairman of the Board of Directors of Credit Suisse or the Chairman of its Audit Committee.
– The Homburger investigation did not identify any indication that the CEO had approved the observation of Iqbal Khan nor that he was aware of it prior to September 18, 2019, after the observation had been aborted.
– Neither the Homburger investigation nor the observation of Iqbal Khan identified any evidence that Iqbal Khan had attempted to poach employees or clients away from Credit Suisse, contrary to his contractual obligations.
The Board of Directors appreciates taking appropriate measures to protect the company’s interests, including when senior employees leave the company. However, the Board of Directors considers that the mandate for the observation of Iqbal Khan was wrong and disproportionate and has resulted in severe reputational damage to the bank.
The COO assumed responsibility for this matter and submitted his resignation to the Board of Directors, which has been accepted with immediate effect. The bank has also accepted the resignation with immediate effect of the Head of Global Security Services.
James B. Walker appointed as Chief Operating Officer of Credit Suisse
Following the resignation of the COO, Pierre-Olivier Bouée, and his consequential stepping down from the Executive Board, the Board of Directors of Credit Suisse has decided to appoint James B. Walker as Chief Operating Officer and member of the Executive Board of Credit Suisse with immediate effect. James B. Walker currently holds several senior roles in the bank’s finance organization, including Chief Financial Officer of our key US subsidiaries and Head of Product Control. James has a long and excellent track record at Credit Suisse and the Board of Directors looks forward to working with him in his new role.
The Chairman of the Board of Directors, Urs Rohner, and the Chairman of the Audit Committee, John Tiner, will provide further explanation on these decisions at the media conference.
Changes in the Executive Board of Credit Suisse Group AG
Credit Suisse Group AG announced today that Iqbal Khan, CEO International Wealth Management and member of the Executive Board of Credit Suisse Group AG, would be leaving Credit Suisse to continue his career outside the company. Philipp Wehle, currently Chief Financial Officer of International Wealth Management, will succeed him on July 1, 2019. The Board of Directors appointed Philipp Wehle a member of the Executive Board of Credit Suisse Group AG.
Tidjane Thiam, CEO of Credit Suisse said: “In 2015 we created International Wealth Management as a separate division for Credit Suisse and I identified Iqbal Khan as a great candidate for the job as CEO. Under his leadership, IWM has delivered strong financial results, while enhancing our client franchise and achieving industry leading growth over the period. I thank Iqbal for the strong results he delivered during his time leading IWM and wish him well.”
Iqbal Khan said: “After six successful years as CFO and later CEO of International Wealth Management at Credit Suisse I decided to pursue the next career move outside of Credit Suisse Group. I am grateful to Credit Suisse for the professional development opportunities I was given. I would like to thank Tidjane for his steadfast leadership over the past four years. I also thank my team for their unstinting support during my time at Credit Suisse, all the more, I am happy to hand over the Division entrusted to me with outstanding results and positive prospects.”
Tidjane Thiam continued: “I am delighted to welcome Philipp Wehle to the Executive Board. He is an excellent addition to our senior leadership team, reinforcing the team’s performance culture with strong personal values. Philipp is an outstanding leader and manager, with an impeccable track record of generating strong revenue growth while driving cost and capital discipline. During his time as CFO of IWM, Philipp has been instrumental in deepening collaboration between divisions and with corporate functions, playing a key role in the development of International Trading Solutions. I am confident that Philipp will lead the International Wealth Management division to continued success and further generate profitable growth in our business.”
Iqbal Khan joined Credit Suisse in 2013 as CFO Private Banking & Wealth Management and was appointed CEO International Wealth Management and member of the Executive Board in 2015. Prior to this he was with Ernst & Young, Switzerland, in various positions, since 2011 as Managing Partner Assurance and Advisory Services – Financial Services, and member of the Swiss Management Committee.
Philipp Wehle joined Credit Suisse in 2005. Philipp has been Chief Financial Officer of International Wealth Management since the inception of the division in 2015. Prior to that, Philipp held senior management roles in finance and strategy in our Swiss business and International Private Banking. From 2011 until 2012, he was based in Singapore heading the Private Banking Asia Pacific Finance team. Philipp is a Board member of CS InvestLab AG and Credit Suisse Asset Management & Investor Services (Schweiz) Holding AG. He also serves as Co-Head of Finance of International Trading Solutions.
Philipp graduated from the University of Bonn, Germany, with a master’s degree in economics and subsequently worked as a consultant and project manager with a focus on financial services.