There is little sign that Julius Baer boss Boris Collardi will leave his role imminently, but it can't be ruled out that the charismatic and successful Swiss private banker will seek out a new challenge sooner or later. finews.com looks at what happens then.
Julius Baer boss Boris Collardi hasn't been seen much at the bank's headquarters late last year, as finews.com has previously reported (in German).
If initially his extended absences were explained away with business trips and professional obligations, the CEO is increasingly the subject of unconventional headlines for a private bank boss: an extramarital fling, red-carpet events alongside film star Leonardo DiCaprio, and splashy personal investments.
Collardi was considered to helm the Swiss Bankers Association and as a partner at Geneva-based private bank Lombard Odier, which has fueled speculation over the 42-year-old's career ambitions. Both those jobs have since been filled.
Patek Philippe of Banks
To be sure, there is nothing to indicate that the Nyon-born executive is about to leave Baer. His track record is impressive: since 2009, he has polished the bank to a jewel of the private banking industry – or the Patek Philippe of finance, as he puts it.
It would be completely out of character for Baer's board, considered to be timid compared to those of industry competitors, to fire the charismatic unceremoniously – and indeed, it has little reason to.
CEO Short-List
Nevertheless, it can safely be assumed that Collardi is putting out feelers for a new role. After eight years at the helm, he could make a move in the next 24 months. Julius Baer's board would be well-advised to draw up and maintain a short-list of potential CEO successors.
finews.com took on challenge and presents various internal and external candidates who stand at chance at inheriting Collardi's job. They are listed in no particular order.
1. Dieter Enkelmann
Little is known of the long-standing finance chief ‘s career ambitions, but his path thus far has been a steep one. Like Collardi, Enkelmann began his career at Credit Suisse, where he spent 12 years. In 2003, he was plucked from the relative obscurity of a divisional finance job to the CFO role of chocolate maker Barry Callebaut.
It is there that Enkelmann, who trained as a lawyer, became known to a wider public. He was hired by Hans de Gier, a hard-charging former UBS banker, as CFO of Baer in 2006. Enkelmann has had a front row seat to Julius Baer’s illustrious last decade since then: former private banking head Alex Widmer’s suicide during the financial crisis, the bank’s explosive growth in Asia and other markets, and costly settlements to taxes probes in the U.S. and Germany. As the ultimate Baer insider, Enkelmann could prove wrong the theory that CFOs never become CEOs.
finews.com forecast: 20 percent probability
2. Yves Robert-Charrue
The 43-year-old banker is one of the few candidates to become Baer CEO who is nearly as young as Collardi. He is also the most promising internally, and would represent stability and continuity.
The investment specialist and close Collardi associate has become something of a Mr. Fixit at Baer, holding six different jobs in eight years. In his current role as European head, Robert-Charrue must find growth in a stagnant market that Baer has long ignored in favor of hot ones like Asia, the Middle East, and Latin America.
A Swiss native, his credentials are impeccable: he studied at the London School of Economics and majored in economics at the University of St. Gallen. He also commands sympathy points: he once took two years off from Credit Suisse to pursue a personal project – his love of music. Should Robert-Charrue succeed in the European role, which he has held for four months, he is in pole position for Baer’s top job, several insiders report.
finews.com forecast: 80 percent probability
3. Thomas Meier
The former Credit Suisse executive was long the bank's figurehead and trailblazer in Asia – Baer's second home market. Meier's sudden return to Zurich in 2015 was all the more surprising, as well as his reappearance at headquarters in a far smaller role as head of corporate sustainability.
Observers were also surprised to see Meier passed over in an executive reshuffle under Collardi last summer. It is unclear if the former Asia boss has fallen out of favor in Zurich, but his current position in a holding pattern would seem to contradict a move to succeed Collardi. Meier has the banking credibility and the leadership experience for a CEO position, as well as the personal charisma – not entirely unimportant in a job like Collardi's.
finews.com forecast: 30 percent probability
4. Nic Dreckmann
Like Robert-Charrue, Baer’s operating chief would have the youth vote – he is 42 – and has also long been a close associate of Collardi’s.
Dreckmann has a far longer history with Baer: he was Chief of Staff to first Widmer, then later Collardi. But his most prominent career moves have been linked to Baer’s many acquisitions. The former Accenture consultant Dreckmann was a project manager on the 2005 acquisition of three private banks from UBS, and was rewarded with the global integration role for Baer’s 2012 purchase of Merrill Lynch’s private bank outside of the U.S. He then spent two years working on Baer’s digitization efforts, before being appointed to top management in August in an executive reshuffle under Collardi.
Unlike Robert-Charrue or some of Baer’s more prominent bankers, Dreckmann has hardly been visible outside the bank and has virtually no client experience. He has no banking experience outside of Baer – a combination of factors that makes him a hard sell to advance further.
finews.com forecast: 10 percent probability
5. Gian Rossi
The private banker has worked for Baer for more than 10 years and is among Collardi's closest confidants. The two worked together at Credit Suisse in Singapore, and Rossi has distinguished himself as an ally to Collardi who can help out in a pinch. The 46-year-old stepped in as head of Switzerland when former Credit Suisse banker Barend Fruithof was disposed of, professionally, in a recent revamp.
Rossi, a golf lover, has a vast internal network and enjoys an excellent reputation in the private banking industry. His qualifications are impeccable, but Rossi hasn't shown the same affinity for glitz and glamor has Collardi has – which may not be a bad thing.
finews.com forecast: 60 percent probability
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