The Raiffeisen Group can only really make a fresh start if the successor to CEO Patrik Gisel possesses the right qualities. This is what he or she needs to bring to the table, and a look at who stands a chance.
The timing of Patrik Gisel's departure as Raiffeisen CEO is unfortunate in many respects. For one thing he has muddled along for months, and now his dismissal without a designated successor looks like an act of desperation.
Against this backdrop, everything suggests the search for a successor is already well under way. However this search will not be easy, since the CEO of the systemically important Raiffeisen group will need some important qualities. Estimates by finews.com suggest the following will be vital:
1. Big Bank Experience
The country-wide and system relevant importance of the Raiffeisen group makes it vital the future CEO will need to offer experience with either UBS or Credit Suisse.
2. Networking Savvy
As head of a banking group well anchored in all corners of the country, any future CEO must have not only a close affinity to Switzerland but also a widespread network in the small- and medium-sized company environment. This is vital if the group’s reputation is to be restored.
3. Unblemished Reputation
The recent turbulence has made it clear just how important the successor brings an unblemished reputation, and is free of any past ties to the «legacy» Raiffeisen. This would suggest an outsider is needed.
4. Change Management
The new CEO will need to bring experience in change management, since the group faces a ground-breaking restructuring which would over tax a «fair weather captain». This reduces substantially the list of potential successors.
5. Governance Skills
It will need someone with an understanding of the highly complex governance rules for the Raiffeisen model, someone who can operate within it and last but not least who can orchestrate the transformation into a listed company, as required by Finma.
6. Solid Retail Bank Background
With the ongoing consolidation in the private bank sector there are certain to be competent top managers who would be interested. Many of them however are likely to slip through the net since retail banking experience is a necessity.
7. Digital Affinity
Retail banking expertise however won’t be enough as time doesn’t stand still. While other regional and cantonal banks have made great digital strides, this can’t be said of Raiffeisen. So any new CEO would need to bring digital savvy to the table, which suggests a more youthful successor to Gisel.
8. People's Touch
One shouldn’t forget the Raiffeisen institute is a very diverse group, and so the St. Gallen-based future boss will need to be a down-to-earth, people's person. This doesn’t speak for most top bankers.
9. Strategic Fit
It is also clear the new CEO must be a tested strategist since the current bank group often look like a shambles. Restored credibility can only be attained with the right content and implementation. This would suggest a candidate from one of the large banks, where strategies are regularly reviewed.
10. Genuine Team Player
The future CEO won’t be able to master the difficult challenge on their own. Support from the board as well as the creation of a team at the operative all pulling in the same direction will be vital for any success. So what is needed is a clever team player.
And who comes to mind?
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