The Swiss bank's risk committee overseer is stepping down ahead of an investor meeting. He is the third C-suite departure following twin disasters Greensill and Archegos.
Credit Suisse board member Andreas Gottschling will not stand for reelection, the Zurich-based bank said in a statement less than four hours before the investor meeting is due to begin. This makes Gottschling the third C-suite casualty of Greensill and Archegos in as many weeks.
The 53-year old German – Credit Suisse's risk committee chair since joining the bank in 2018 – drew the ire of Harris Associates, Ethos Foundation, Norway’s oil fund, and Glass Lewis. After both disasters struck in short order last month, risk and compliance boss Lara Warner left and top investment banker Brian Chin hands over on May 1.
Board Overhaul?
The 13-person board led until Friday by Urs Rohner was «alarmed» at how many institutional shareholders opposed Gottschling, the «Financial Times» (behind paywall) reported on Thursday. The crises come as Rohner hands over on Friday to António Horta-Osório, who reportedly believes Credit Suisse's board should be overhauled.
The Swiss bank's biggest investors – the Olayans, Qatar's wealth fund, and Harris – are not represented on the body. Some of Credit Suisse's heavyweight investors as well as ultra-rich individuals were behind last week's emergency $1.9 billion infusion. The move came amid a surge in risk-taking in the first quarter.
