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Five things to know about Credit Suisse's new chairman Lehmann

01/17/2022 | 03:21am EDT
FILE PHOTO: Antonio Horta-Osorio speaks at the British Chambers of Commerce annual meeting in central London

(Reuters) - Credit Suisse's chairman Antonio Horta-Osorio resigned on Monday following an investigation by the Swiss bank's board into his personal conduct.

He will be replaced by Axel Lehmann, who joined the Credit Suisse board in October to head its risk committee following a series of scandals.

Here are five facts about Lehmann.

CROSS-TOWN JOINER

Lehmann, 62, joined Credit Suisse's board in October 2021 to become head of its Risk Committee. He moved from UBS, the Swiss lender which has enjoyed a relatively better recent history than its cross-town rival.

Lehmann served on UBS's board from 2009 to 2015 before joining its executive ranks. In 2016 he was appointed UBS's chief operating officer, a post he held for two years before becoming jointly president of Personal and Corporate Banking and president of UBS Switzerland between 2018 and 2021.

INSURANCE CAREER

Prior to UBS Lehmann enjoyed a 20-year career in the insurance industry, working briefly at Swiss Life before holding a series of top jobs at Zurich. He was chief executive of the insurer's European and then the North American businesses before becoming Zurich's chief risk officer between 2009 and 2015.

DIGITAL DEVELOPER

Lehmann was drafted in to Credit Suisse to get its risk management back on course, but his interest in digital may also be tapped by the bank.

Whilst at UBS he helped establish "digital factories" in Zurich to develop and roll out new online platforms for its clients globally.

He also announced early last year that UBS was to close one in five of its bank branches in Switzerland, as the pandemic shifted the acceleration to online banking.

SWISS NATIONAL

Lehmann is a Swiss citizen, meaning the lender is breaking a tradition that either its chief executive or chairman is a foreign national, since CEO Thomas Gottstein also comes from Switzerland.

Lehmann is an adjunct professor at the University of St. Gallen in Switzerland where he also gained his PhD.

STRATEGY

Lehmann indicated he is unlikely to ask the bank to change the turnaround course set by Horta-Osorio or Gottstein.

"The strategy is not under discussion," Lehmann told Reuters on Monday, adding that Gottstein was "absolutely central" to the bank.

(Reporting by Rachel Armstrong; Editing by Susan Fenton)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -0.80% 6.68 Delayed Quote.-24.08%
ON SEMICONDUCTOR CORPORATION -2.49% 54.5 Delayed Quote.-19.76%
SWISS LIFE HOLDING AG 0.66% 550.6 Delayed Quote.-2.15%
UBS GROUP AG -0.59% 17.675 Delayed Quote.8.28%
ZURICH INSURANCE GROUP LTD 0.36% 441.5 Delayed Quote.9.87%
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Sales 2022 19 266 M 20 071 M 20 071 M
Net income 2022 311 M 324 M 324 M
Net Debt 2022 - - -
P/E ratio 2022 26,8x
Yield 2022 2,24%
Capitalization 17 218 M 17 937 M 17 937 M
Capi. / Sales 2022 0,89x
Capi. / Sales 2023 0,83x
Nbr of Employees 51 030
Free-Float 90,1%
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Thomas Gottstein Chief Executive Officer
David Richard Mathers Chief Financial & Information Officer
Axel P. Lehmann Chairman
Joanne Hannaford Chief Operating & Technology Officer
Thomas Grotzer Global Head-Compliance
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