A top-10 shareholder at Credit Suisse is publicly calling on the Swiss bank to start looking for a replacement for chief executive Thomas Gottstein or reorganize into a simplified business.
«If you sit down and look at what's happened under [Thomas Gottstein’s] leadership, I think it's pretty obvious that it has not gone well,» according to Artisan Partners managing director David Samra in an interview with «Reuters».
«And there is no reason why someone like that should sensibly stay in their role.»
Artisan Partners is Credit Suisse’s ninth-largest shareholder with a 1.5 percent stake, according to Refinitiv data. The Milwaukee-based investment management firm began building up its stake following the downfall of family office Archegos and Greensilll supply chain funds alongside the appointment of Antonio Horta-Osorio and new plans for a strategic and cultural overhaul.
Simplifying Credit Suisse
According to Samra, the bank should be given two or three years to execute Horta-Osorio's strategy but without the correct leadership, more drastic measures should be considered.
«[I]f you don't have the right people to run it and you're not making any progress, then I think you need to start thinking about simplifying the organization,» he said, underlining examples such as the sale of some units, separate listing of such units or a merger with a Swiss or U.S. bank.
Samra also highlighted his belief that «the real underlying value» of Credit Suisse could be reflected in its share price under the right leadership and an emphasis on the wealth management business.
«There are no obvious candidates that we can identify. And we've talked to many executives in the industry. So I think that's [Axel Lehmann’s] hardest job right now.»
Continued Support
Despite continued pressure – global rating agencies have recently downgraded Credit Suisse, citing relatively weaker operating profitability – the bank remains committed to leadership under Gottstein.
«The chairman clearly endorsed Thomas Gottstein. Nothing has changed in this regard,» said a spokesperson, reiterating Lehmann’s publicly declared support for the current CEO.
