The resignation of Raiffeisen CEO Patrik Gisel has all hallmarks of a hopelessly inept attempt at crisis management. The damage will be borne by stakeholders. The Raiffeisen model has served its time. A finews.com commentary.
«Patrik Gisel has decided to resign his position as chairman of the management team. He will remain in his function until the end of 2018, when he will leave the bank. The board of Raiffeisen Schweiz has begun the search for a successor.»
This statement should have been delivered by the Raiffeisen group in early March, when board chairman Johannes-Rueegg Stuerm threw in the towel, and an attempt was made to trigger a new start with interim president Pascal Gantenbein.
Although both insiders and outsiders knew Raiffeisen, with Gisel at the head, would never be able to draw a line under the scandal with ex-CEO Pierin Vincenz, the board and Gantenbein tried to do just that.
Self-Interest Over Collective
One thing is certain. The eventual resignation of Gisel will go down as one of the most inept attempts at crisis management in Swiss banking history. Raiffeisen will be dogged by the fallout from the affair for a long time – they will turn out to be lost years.
Firstly Gisel’s stepping down won’t help restore Raiffeisen’s reputation. Rather it shows that in the gravest crisis to hit the bank, self-interest ruled at the most senior level.
Gisel showed with his clinging on to power that he possessed neither the sensibility to appreciate the effect on members, nor a sense for the mood in the country and among Raiffeisen's clients.
Chairman's Lost Gamble
With Gantenbein it was quickly apparent that his tactic was to gamble on getting the board presidency, and thus protect Gisel. Thus self-interest rather than the bank's cooperative motto «all for one, one for all» prevailed. The damage to its reputation will drag on – but all this could have been avoided last March.
- Page 1 of 2
- Next >>
