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The Vice Chairman of Credit Suisse is leaving due to restructuring of the Board of Directors

The Credit Suisse vice president is set to leave the Swiss bank just weeks after some shareholders said they would try to block his re-election to the board if he ran again.

Severin Schwan, who is also CEO of pharmaceutical company Roche, has been on the bank’s board since 2014 and has dealt with a number of scandals, including its involvement in the family office Archegos and supply chain finance group Greensill Capital.

Multiple Investors told The Financial Times last month had concerns about Schwan’s ability to become deputy chairman of the bank while he ran Roche, and some said they would vote against his re-election to the board.

Credit Suisse announced on Monday that Schwan, along with fellow directors Kai Nargolwala and Juan Colombas, would be stepping down as part of a director reshuffle. Colombas has only been on the board since last year.

The trio will be replaced by former UniCredit chief financial officer Mirko Bianchi, LSE professor Keyu Jin and former Wells Fargo chief risk officer Amanda Norton. Deputy chairman will be Christian Gellerstad, who is already director.

The reorganization of the board comes two months after Axel Lehmann took over as chairman, replacing António Horta-Osório resigned in January after breaking Covid quarantine rules.

https://www.ft.com/content/6bef02e9-22f4-4477-8f39-02687e9b2a43 The Vice Chairman of Credit Suisse is leaving due to restructuring of the Board of Directors

Adam Bradshaw

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