One of the longest-standing top executives at the structured products boutique is departing. He was instrumental in expanding Leonteq's product range in Asia.
Top executive David Schmid is leaving after 12 years with the company, Leonteq said in a statement on Thursday. Schmid isn't a co-founder but joined the company in 2008, the year after it was launched. He joined top management as head of investment solutions and bank solutions four years ago.
Schmid will be replaced by Alessandro Ricci (pictured below), effective January 1. He joined Leonteq five months ago but had already worked as head of sales in Europe, the Middle East, and Africa from 2016 to 2017.
Weighty Influence
Schmid was instrumental in expanding Leonteq's product range as well as market presence, in particular domestically and in Asia, CEO Lukas Ruflin noted. In 2018, he was the company's highest earner, taking home nearly 2.27 million Swiss francs ($2.5 million). He remains a sizable shareholder, with a stake worth nearly 850,000 francs at current market values.
His replacement, Ricci, is Italian-British who most recently was co-head of derivatives and head of structured products at Exane. Previous postings include Nomura, Lehman Brothers, and McKinsey.
