Raiffeisen and its embattled Chief Executive are parting ways following a romance with a board director. The Swiss bank named a temporary replacement, who also flagged his exit.
The cooperative lender's CEO Patrik Gisel is stepping down effective immediately by mutual agreement, Raiffeisen said in a statement (in German) late on Friday. «This in order to conclude the public debate about his person and the enable Raiffeisen to concentrate on future challenges,» the Swiss bank said.
The 56-year-old Swiss banker's planned departure at year-end was hastened when his romantic relationship with a woman who was until five months ago a Raiffeisen board director emerged.
Short-Lived Replacement
Gisel will be replaced by his deputy, Michael Auer (pictured below), who is head of Raiffeisen's private and investment clients. Auer in turn said he will leave Raiffeisen as soon as the bank has named a new CEO.
«In the context of the current discussion, I want to pave a way for a constructive dialogue between Raiffeisen's member banks and headquarters about the future.»
Criminal Ex-CEO?
«The context» is Raiffeisen's struggle to put daylight between itself and the criminal investigation into ex-CEO Pierin Vincenz. On Saturday, the bank is widely expected to elect ex-Basler Kantonalbank CEO Guy Lachappelle as its third chairman this year.
The former two chairmen had, like Gisel, either been caught up in their proximity to Vincenz or their handling of the aftermath. Raiffeisen said it hopes to find a permanent replacement for Gisel, an 18-year veteran of the bank who took over from Vincenz in 2015, by year-end.
