No less than six of 11 directors are leaving the board of Raiffeisen – a move which the scandal-engulfed lender's temporary overseer welcomes. By 2020, eight of the 11 will have left.
The board of Raiffeisen, a cooperative lender whose former long-standing CEO Pierin Vincenz has been held in custody for two months amid a criminal investigation, has decided on a renewal plan for its board, the bank said in a statement (in German) late on Monday.
The move comes as Zurich prosecutors investigate Vincenz for what they suspect is a series of bad faith deals in which he may have personally enriched himself alongside the bank's business.
The bank said six board directors will step down in June, the date of the cooperative lender's next shareholder meeting.
By 2020, eight of currently 11 directors will leave. Several, like Edgar Wohlhauser and Werner Zollinger, cannot be reelected due to term limits anyway. Other, like Franco Taisch, have opted to not stand again. Five further members have agreed on a date to step down, but staggered their exits.
Staggered Over Two Years
For example, Daniel Luescher and Urs Schneider will step down at an extraordinary investor meeting this autumn. Two more, Rita Fuhrer and Philippe Moeschinger will leave at next year's shareholder meeting, while Angelo Jelmini will leave m id-2020.
«I am very happy that the board has credibly taken responsibility for the renewal. I am convinced that this way, we can continue the success of Raiffeisen», temporary Chairman Pascal Gantenbein said.
The bank said it will hold an extraordinary meeting in November to elect a new chairman, as well as two new directors. The bank said last month it will beef up its board by adding Rolf Walker, an EY partner and auditor, and Thomas Rauber, head of a Swiss investment firm and local politician, to its board.
