Axel P. Lehmann has been appointed chair of the board at Credit Suisse Group.
António Horta-Osório resigned as chair earlier this week, following an investigation into breaches of Covid quarantine rules.
Lehmann has been a board director of Credit Suisse Group since October 2021. He was formerly a member of the group executive board of UBS Group, initially as group chief operating officer and then as president, personal & corporate banking and president, UBS Switzerland. Prior to this he spent 20 years at Zurich Insurance Group.
Horta-Osório said: “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. I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time. I wish my colleagues at Credit Suisse every success for the future.”
Severin Schwan, vice-chair and lead independent director of the Credit Suisse board, said: “We respect António’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. Axel Lehmann as the new chairman, with his extensive international and Swiss industry experience, is ideally suited to drive forward the strategic and cultural transformation of the bank. We wish Axel every success in his new role and António all the best for the future.”