Julius Baer is replacing CEO Bernhard Hodler with an internal candidate. The move pours cold water on speculation that ex-Credit Suisse top private banker Iqbal Khan would take the job.
The Zurich-based bank is promoting Philipp Rickenbacher to CEO, effective September 1, it said in a statement on Monday. Current CEO Bernhard Hodler will help the transition, then devote himself to other projects.
The move comes just three months into Chairman Romeo Lacher's tenure at the Swiss wealth manager, indicating the importance of C-suite succession planning. Hodler, the «accidental» CEO who was parachuted into the job in 2017, has spent much of his time on cleaning up scandals.
Stabilizing Influence
Lacher acknowledged the 59-year-old Hodler (pictured below) as «exactly the right man at the right time» and a stabilizing influence during turmoil. His strategy for Julius Baer – better market coverage and holistic and personal advice, helped by technology and digitalisation – will be stepped up by Rickenbacher, Lacher said.
«We are delighted that, with Philipp Rickenbacher, we have been able to appoint an internal candidate with a compelling leadership and industry track record, deeply familiar with Julius Baer’s culture and business, but prepared to actively address the challenges of the future,» Lacher said.
Kibosh on Iqbal Khan
Rickenbacher, a 48-year-old Swiss native, is a top executive who currently runs Julius Baer's intermediaries and custody business. His ascent to the throne isn't a surprise – finews.com flagged him as a candidate to succeed Holder last year – but it is swifter than expected.
The appointment comes less than one week after Credit Suisse shocked the wealth management industry with the exit of top private banker Iqbal Khan. The departure gave rise to speculation that Khan, an ambitious 43-year-old, would move to the top job at Julius Baer.
More to follow
