The vice-chair of Credit score Suisse is to depart the Swiss financial institution, simply weeks after some shareholders mentioned they’d try to dam his re-election to the board if he stood once more.
Severin Schwan, who can also be chief govt of pharma group Roche, has been on the financial institution’s board since 2014 and whereas it has handled a succession of scandals, together with with household workplace Archegos and provide chain finance group Greensill Capital.
A number of traders informed the Monetary Instances final month they’d considerations about Schwan’s skill to be vice-chair on the financial institution whereas main Roche, and a few mentioned they’d vote towards his re-election to the board.
Credit score Suisse mentioned on Monday that Schwan would depart alongside fellow administrators Kai Nargolwala and Juan Colombas in a shake-up of administrators. Colombas had solely been on the board since final 12 months.
“Severin and Kai, particularly, deserve the very best recognition for having helped steer the corporate via some difficult intervals with dedication, perseverance and dedication,” mentioned Axel Lehmann, Credit score Suisse’s lately appointed chair.
The trio shall be changed by former UniCredit chief monetary officer Mirko Bianchi, LSE professor Keyu Jin and former Wells Fargo chief danger officer Amanda Norton. Christian Gellerstad, who’s already a director, will develop into vice-chair.
The board shake-up comes two months after Lehmann grew to become chair, taking on from António Horta-Osório, who resigned in January after breaching Covid quarantine guidelines.
Credit score Suisse shares are down greater than 70 per cent since Schwan joined the board in 2014.
Sources informed the FT final month that Schwan had meant to depart on the financial institution’s annual assembly in April however he was requested by different board members to rethink his departure to take care of stability underneath Lehmann, who solely joined the board in October.
But a number of shareholders indicated in latest weeks that they’d vote towards his re-election as they’d critical considerations about his skill to run one of many world’s largest drugmakers whereas additionally appearing because the financial institution’s vice-chair, which entails deputising for the chair and advising them.
Nargolwala had served on the board since 2013, having beforehand been a Credit score Suisse govt, and chair of the compensation committee since 2017. He had been a detailed ally of former chair Urs Rohner, who stepped down from the board final 12 months after a decade as chair.
Colombas was drafted on to the Credit score Suisse board solely final 12 months, having been a longtime affiliate of Horta-Osório and dealing with the Portuguese at Santander and Lloyds Banking Group.
Credit score Suisse shareholders will vote on the listing of nominated administrators on the group’s AGM on April 29.