A former UBS top executive tapped by Credit Suisse for risk reinforcement is poised to add another weighty boardroom role to his remit.
Helvetia, a Swiss insurer, will propose Axel Lehmann to its board in April, it said in a statement on Wednesday. The St. Gallen-based firm said it wants Lehmann to take over as chairman from 2023.
Lehmann was one of two directors Credit Suisse Chairman Antonio Horta-Osório enlisted as reinforcement two months ago. The Swiss bank had lost more than $5 billion on Archegos' unwinding in March, shortly after its $10.1 billion line of Greensill supply chain funds imploded.
The 62-year-old Lehmann was CEO of UBS in Switzerland until February. At Helvetia, Chair Doris Russi Schurter is not standing for reelection due to personal reasons. Her deputy, Thomas Schmuckli, will take over temporarily until Lehmann is proposed as chairman in 16 months.
