Credit Suisse vice-chair to leave in board shake-up

The vice-chair of Credit Suisse is to leave the Swiss bank, just weeks after some shareholders said they would attempt to block his re-election to the board if he stood again.

Severin Schwan, who is also chief executive of pharma group Roche, has been on the bank’s board since 2014 and while it has dealt with a succession of scandals, including its involvement with family office Archegos and supply chain finance group Greensill Capital.

Several investors told the Financial Times last month they had concerns about Schwan’s ability to be vice chair at the bank while leading Roche, and some said they would vote against his re-election to the board.

Credit Suisse said on Monday that Schwan would depart alongside fellow directors Kai Nargolwala and Juan Colombas in a shake-up of directors. Colombas had only been on the board since last year.

The trio will be replaced by former UniCredit chief financial officer Mirko Bianchi, LSE professor Keyu Jin and former Wells Fargo chief risk officer Amanda Norton. Christian Gellerstad, who is already a director, will become vice-chair.

The board shake-up comes two months after Axel Lehmann became chair, taking over from António Horta-Osório, who resigned in January after breaching Covid quarantine rules.

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