As a member of the Governance Committee, Schwan’s job was to monitor compliance with the principles of good corporate governance.
(Photo: Reuters)
Zurich There are a number of changes on the Board of Directors of the crisis-ridden Credit Suisse. The most prominent departure is Vice President Severin Schwan. The head of the pharmaceutical company Roche, a member of the board of directors since 2014 and vice president and so-called “lead independent director” since 2017, has decided not to stand for re-election to the supervisory board, the major Swiss bank announced on Monday.
In addition, Kai Nargolwala, Chairman of the Compensation Committee, and Juan Colombas would step down from the Board of Directors at the Annual General Meeting in April. Mirko Bianchi, Keyu Jin and Amanda Norton are to be elected to the board as non-executive members. Christian Gellerstad will become Vice President and Lead Independent Director.
“I would like to thank Severin, Kai and Juan for their valuable contributions,” said Axel Lehmann, Chairman of the Board of Directors. “Severin and Kai deserve our full recognition for the dedication and consistency they have shown in guiding the company through difficult periods.”
In an interview in the newspaper “Tages-Anzeiger” in January, Schwan had already left open whether he would remain on the board of directors of the second largest Swiss bank and emphasized that his priority was managing Roche.
Top jobs of the day
Find the best jobs now and
be notified by email.
Recently, however, numerous crises at the major bank meant that his board mandate took up more time: as a member of the governance committee, Schwan’s job was to monitor compliance with the principles of good corporate governance. During his tenure, however, the bank was embroiled in a spy scandal, lost billions to a hedge fund bankruptcy, and had to wind down funds that were losing investors.
After the series of scandals, criticism of Schwan became loud
As a member of the nominations committee, Schwan was also responsible for the signing of the hapless chief supervisor Antonio Horta-Osorio. At the beginning of the year he had to resign after less than a year in office due to violations of quarantine rules. After the series of scandals, criticism of Schwan was also raised. In financial circles, some questioned whether the job as Roche CEO was compatible with the role as top external supervisor at Credit Suisse, especially since Schwan had to lead the pharmaceutical company through a global pandemic at the same time.
Schwan’s successor, Christian Gellerstad, has spent most of his career at Geneva-based private bank Pictet. He was a member of the group of partners there until 2018 and was also responsible for asset management – the business that Credit Suisse also wants to strengthen in its strategic realignment. Gellerstad has been a member of the Board of Directors at Credit Suisse since 2019.
With the newly appointed former top manager of the US bank Wells Fargo, Keyu Jin, the bank has also hired a risk expert. Jin is Professor of Economics at the elite university London School of Economics and specializes in China’s growth model. According to the will of chief supervisor Lehmann, it should sharpen the focus of the board of directors on the growth markets in Asia.
With material from Reuters
More: Credit Suisse puts business in Russia to the test