Following an investigation into Covid rule breaches, Credit Suisse's António Horta-Osório has stepped down with a new successor selected by the board of directors.
António Horta-Osório has resigned from his role as chairman of Credit Suisse group, according to a statement.
He will be succeeded by current board member and chair of the risk committee Axel Lehmann, effective immediately.
Axel Lehmann
Lehmann was elected as a Credit Suisse board member on October 1 last year. Prior to joining Credit Suisse, he was a member of UBS’ group executive board, initially as its group chief operating officer before taking on the role as president of personal & corporate banking and president UBS Switzerland. He was also its non-executive director and risk committee member between 2009 and 2015 as well as governance and nominating committee member from 2011 to 2013.
Previously, he also had a 20-year career at Zurich Insurance Group including nearly 14 years as a member of the group executive committee in various roles.
Regrettable Actions
Less than one year on the job, Horta-Osório will step «following an investigation commissioned by the board», the statement noted in likely reference to the recent breach of Covid quarantine rules in Switzerland.
«I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally,» Horta-Osório said. «I, therefore, believe that my resignation is in the interest of the bank and its stakeholders at this crucial time. I wish my colleagues at Credit Suisse every success for the future.»
«We respect [Horta-Osório's] decision and owe him considerable thanks for his leadership in defining the new strategy, which we will continue to implement over the coming months and years,» added vice chairman and lead independent director of the board Severin Schwan.
