The Swiss bank's chairman is stepping down in the wake of a scandal over COVID quarantining. His replacement is a veteran Swiss banker.
António Horta-Osório is resigning as chairman of Credit Suisse, effective immediately, the Zurich-based bank said in a statement on Monday. He had been investigated by the bank over failing to observe quarantine when traveling between Switzerland and the U.K.
«I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally,» the 57-year-old former Lloyds boss said. «I, therefore, believe that my resignation is in the interest of the bank and its stakeholders at this crucial time.»
Wimbledon Watcher
Specifically, he watched Novak Djokovic win in four sets in the men's Wimbledon final in July when he should have been in quarantine. In December, Horta-Osório appeared to have knowingly done so again, this time in Switzerland and against advice from a well-connected physician.
The news that a Credit Suisse business jet had stopped at a Southeast Asian resort, where Horta-Osório disembarked to meet his wife, added fuel to the fire.
Seeking Comeback
He will be succeeded by current board member and chair of the risk committee Axel Lehmann (pictured above), who was enlisted as board reinforcement by Horta-Osório four months ago. The Swiss banker ran UBS' domestic arm until last February.
Lehmann will stand for election, as chairman, at Credit Suisse's next investor meeting on April 29. The bank is attempting to mount a comeback from an annus horribilis which saw it suffer more than $5 billion in losses from Archegos and also pull the plug on a $10.1 billion line of funds with Greensill.
«We respect [Horta-Osório's] decision and owe him considerable thanks for his leadership in defining the new strategy, which we will continue to implement over the coming months and years,» said Severin Schwan, who is vice-chairman and lead independent director.
