That Vontobel has appointed two experienced internal managers to succeed Zeno Staub sends a clear signal. While continuity is the focus, the new collaborative management structure is intended to demonstrate a fundamental cultural change.
Dual leadership as a management model for Swiss companies is rather unusual. In the past, it often led to power struggles or friction with corresponding losses in efficiency, particularly at banks with a strongly hierarchical structure. But Vontobel is taking a fundamentally different approach. The advantages outweigh the disadvantages and underline the cultural change currently taking place.
«We made this decision because we're convinced of the co-CEO solution and had two well-qualified and complementary candidates,» Vontobel Board Chairman Andreas Utermann told finews.com on Tuesday.
Cooperative and Inclusive
«We're in a very complex world and are convinced that we need a corporate culture that is very cooperative and inclusive. With the dual leadership, we're sending a very clear signal we want to move the company in this direction,» he continued.
It would be inaccurate to interpret the appointment of a dual leadership as a decision-making weakness. Quite the contrary. Several people on the Board have had very good experiences as co-CEOs and with dual leadership mandates, «And I am one of them,» Utermann continued.
The «Lighthouse» strategy remains in place, emphasized co-CEO designate Georg Schubiger. «It's more about sharpening or accelerating certain things,» and that the current decision must send a message of continuity and a strong signal of collaboration. «We support a culture where decisions are made in the teams and not everything is delegated upwards,» he said.
Bringing on the Best People
The dual leadership isn't a stopgap measure, but a matter of conviction, says Schubiger's future co-CEO Christel Rendu de Lint. You have to bring the right and best people to the table to make the right decisions, she said and sees the different tenures that she and Schubiger have been at Vontobel as an advantage. Sometimes the experience helps, she says, as does a fresh perspective. «We're complementary, but on the same page,» to follow the principle of «leading by conviction.»
The new management team intends to stick to plans such as strengthening the US business and cutting costs. Looking at the rather mixed figures in Asset Management for net new money, Rendu de Lint isn't worried. «We can't decouple ourselves from market conditions. But we are well positioned when the situation stabilizes and demand picks up.»
Schubiger is also optimistic. «Especially in uncertain times, our clients need our expertise and our advice. And that's where we're well positioned with our offerings to institutional and private clients.»
Additional Investments
Regarding a recently reported worse-than-targeted cost/income ratio, Utermann stressed it wasn't unintentional. At the beginning of the year, management requested an additional investment budget to take advantage of the current environment, referring also to the takeover of Credit Suisse by UBS, which would open up opportunities.
