Raiffeisen's board has moved quickly to replace CEO Patrik Gisel. The new CEO most recently ran a Swiss regional retail bank.
St. Gallen-based Raiffeisen named Heinz Huber as new CEO, the bank said in a statement on Tuesday. Huber will take over from Michael Auer, who took over the troubled Swiss retail lender ten days ago following the hastened exit of CEO Patrik Gisel after news of a romantic relationship with a board member surfaced.
Huber, who had not emerged as a candidate in recent months, currently runs Thurgauer Kantonalbank, a smaller Swiss retail lender to Raiffeisen. The 54-year-old was named CEO of TGKB four years ago, after joining top management in 2007.
Marriage of Banking, IT
Raiffeisen emphasized Huber's banking expertise as well as experience in lending, mortgages, and corporate clients. His background in information technology will also have swung Raiffeisen on his candidacy.
From 2001 to 2005, Huber was part of top management of British IT firm Kofax, after which he founded Sydoc, an IT consulting firm which he then sold in 2006. He will take over as Raiffeisen CEO on January 7.
Cooperative Values
Huber said that he admires Raiffeisen's business model. «The cooperative values, in particular the proximity to clients and the entrepreneurial responsibility, are ones I already live today.»
He will work closely with Chairman Guy Lachappelle, who was elected ten days ago. It falls to Lachappelle to steady Raiffeisen amid the fallout from a criminal investigation of former CEO Pierin Vincenz, fill massive corporate governance loopholes, and reform the bank's structure.
Lachappelle said of Huber that the CEO's entrepreneurial mindset and strength in implementation convinced the board. «His client- and market-focused approach as well as his personal values are an ideal fit for the DNA of Raiffeisen.»
