Severin Schwan’s days as Credit Suisse’s vice-chair could be numbered after reports that two key investors are against him taking on another term.
Two of the bank’s top ten investors have said that they will not back Severin Schwan if his reappointment is put forward at the bank’s next annual general meeting in April, the «Financial Times» (behind paywall) reports Wednesday.
Schwan, who is also the chief executive of pharma group Roche, left open whether he will stand for re-election this year, in a «Tages-Anzeiger »interview (behind paywall, in German) last month.
Although Schwan was key to bringing Antonio Horta-Osório on to the board, just nine months later he was one of the main forces pushing for Horta-Osório's removal, the newspaper writes, citing people with knowledge of the matter.
Dual Role
In the past, media have questioned how Schwan can serve as vice-chair to Switzerland's second-biggest bank while running one of the world's largest drugmakers. Schwan has sat on the bank's board of directors since 2014.
