Nevertheless, it is difficult to envision Amato tolerating a demotion back to the finance department if he is passed over for the top job, after months of successfully stewardship. The dual disruption of a new CEO settling in while looking for another finance chief is a real possibility that the recently-stabilized firm faces.
Chambers (pictured above), a former CSFB banker, and other board members including Meier, a former Julius Baer banker with impeccable credentials in Asia, have taken a far more hands-on role in the firm than their predecessors, but Amato remains the figurehead of Leonteq's year of transformation.
Amato has already telegraphed that Leonteq’s spending cuts – including reducing showcase office space, cutting top executive pay (at least for now), and letting staff go after a hiring spree two years ago – are done. Leonteq also now levies ticket fees and has introduced revenue thresholds for less-profitable transactions.
Much Like Sergio Ermotti
He can’t take all the credit for the cuts and revenue-boosters introduced during Leonteq’s year of transition, but Amato reaps the rewards the longer he stands in as CEO. The firm is unlikely to enthrone him as permanent CEO this week when it reports its results, nor have an outside replacement at the ready either, according to two sources.
Leonteq’s board may feel it has all the time in the world, but in fact Amato is cementing his hold over the job. Much like Sergio Ermotti at UBS, who suffered the indignity of several months as a stand-in when Oswald Gruebel left unexpectedly, Amato’s position at Leonteq is strengthening with every passing day as temporary CEO.
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