Eric Syz is relinquishing the CEO job at the bank he founded in 1996. One of his sons is taking a step closer to the top spot with the move.
Yvan Gaillard is taking over from Eric Syz as CEO of Banque Syz, the Swiss private bank said in a statement on Wednesday. Gaillard is currently operating chief and deputy CEO at Syz.
The move sets into motion a succession plan first raised by 62-year-old Eric Syz himself last year. The bank's founder remains CEO of a holding company, and will devote himself to the group's strategy. Besides the bank, Syz also operates a sizable asset management arm for institutional clients as well as a private equity arm, dubbed Syz Capital.
Syz Son Promoted
Syz's son Nicolas Syz (pictured below) is being promoted as a result of the management change: he will take over Syz's private banking arm, and become a member of top management.
Nicolas Syz replaces Silvan Wyss, a former Credit Suisse private banker who had been with Syz for less than two years. Wyss leaves Syz by mutual agreement, the bank said. Syz was previously head of the unit's business development, where he where he rolled out changes to the structure of Syz's service offering for wealthy clients. Previously, he worked for UBS as well as Swiss fragrance and flavors maker Firmenich.
Gaillard is a former Pictet veteran who joined Syz three years ago, initially as operating chief. He advanced to deputy CEO last year, in a nod to Eric Syz's succession plan.
