Antonio Horta-Osorio has committed to addressing risk at Credit Suisse.
Zurich:
The head of Credit Suisse has resigned less than a year after taking the reins of the bank scandal-ridden following reports that he had breached Covid isolation rules.
Antonio Horta-Osorio’s resignation takes effect immediately following an investigation authorized by the board, Switzerland’s second-largest bank said in a statement released on Monday.
Board member Axel Lehmann was appointed in his place.
“I regret that some of my personal actions have resulted in difficulties for the bank and compromised its ability to represent the bank internally and externally,” Horta-Osorio said in a statement. dad.
“I therefore believe that my resignation is in the best interest of the bank and its stakeholders at this important time.”
Credit Suisse confirmed last month that Horta-Osorio had breached quarantine rules following a report by the Swiss newspaper Blick.
Switzerland tightened its conditions on entry or returning to the country at the end of November following the emergence of the highly contagious variant of Omicron.
Blick reported in December that Horta-Osorio had arrived in Switzerland from the UK on a private jet after the UK was included in a list of countries bound by quarantine rules.
After arriving at his home, Horta-Osorio asked if he could be released or if the measure could be shortened for him, the newspaper said.
Despite receiving no response from authorities, the banker boarded a plane to the Iberian peninsula before heading to New York for a board meeting.
The resignation adds to the woes of the Swiss banking giant, which has been rocked by links to the multibillion-dollar crises at financial firms Greensill and Archegos last year.
Horta-Osorio, who built a solid reputation by turning away from British bank Lloyds, has committed to tackling risk at Credit Suisse.
‘No distractions’
“We respect Antonio’s decision (to step down) and thank him very much for his leadership in defining the new strategy, which we will continue to work on in the months and years to come.” , Severin Schwan, vice president of the board of directors of Credit Suisse, said in the company statement.
“Axel Lehmann as the new President, with extensive Swiss and international industry experience, is well-suited to drive the strategic and cultural transformation of the bank,” he said.
The board will recommend that Lehmann, who has been head of the risk committee since October, take over as chairman permanently at the annual general meeting on April 29, the bank said.
“We have set the tone for the new strategy and will continue to adopt a stronger risk culture across the company,” said Lehmann.
“By executing our strategic plan in a timely and disciplined manner, with no distractions, I believe Credit Suisse will demonstrate the new strength and business focus needed to create,” he said. sustainable value for all of our stakeholders.”
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