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Credit Suisse chairman Horta-Osorio resigns over Covid breaches

by LLB Reporter
17th Jan 22 10:23 am

Credit Suisse Group today announced that António Horta-Osório has resigned as chairman following an investigation commissioned by the board on him breaking Covid protocols.  He breached Covid rules last year, including by attending the Wimbledon tennis finals.

Axel Lehmann has been appointed the bank’s new Chairman effective immediately.

Horta-Osório said: “I have worked hard to return Credit Suisse to a successful course, and I am proud of what we have achieved together in my short time at the bank. Credit Suisse’s strategic realignment will provide for a clear focus on strengthening, simplifying and investing for growth. I am convinced that Credit Suisse is well positioned today and on the right track for the future. 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-Chairman and Lead Independent Director of the Board of Credit Suisse, 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.”

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