St. Gallen's cantonal bank is promoting a veteran from within its ranks to replace outgoing CEO Roland Ledergerber.
Christian Schmid will take over as CEO of St. Galler Kantonalbank, or SGKB, on May 1, the Swiss bank said in a statement on Thursday. Schmid replaces Roland Ledergerber, who SGKB said in February would step down after 18 years in its top management. H
Ledergerber (pictured below) is being proposed for SGKB's board at its May shareholder meeting. The bank plans to nominate him to take over from Chairman Thomas Gutzwiller after one year as a director.
Banking Veteran
Schmid, a 52-year-old Swiss banker, has spent the last 12 years in SGKB's top management and head of its corporate center, where he is responsible for company development, personnel, controlling and finance, and compliance and risk. The appointment of Schmid, who graduated with a PhD in economics from the University of St. Gallen, followed an extensive search process, the bank said.
