The Swiss bank is paying out a million franc sum for its former chair who broke quarantine rules in two countries.
Credit Suisse is paying António Horta-Osório, who was forced to resign in January after breaching Swiss and UK Corona regulations, his full salary for the nine months he served as chair, it said in its 2021 annual report Thursday.
The Portuguese-British banker's salary will amount to 3,537,806 million Swiss francs ($3.8 million). This comes after receiving a 1.1 million franc payout in chair fees.
Horta-Osório was forced to resign January 16 due to internal pressure from the banks’ executives. His successor Axel Lehmann, who joined the board last August and stepped into the chair position immediately after Horta-Osório's departure, was paid 1,580,781 million francs, the report said.
Urs Rohner, who stepped down last April after a decade serving as the bank's chairman, earned a total of 4.7 million francs in his final year in 2020, 3.2 million francs of which were paid in cash.
Overall, the total compensation for Credit Suisse’s board of directors is 11.7 million francs, 5 percent higher than in the previous year, which the bank explained with changes to the board of directors.
