By Brenna Hughes Neghaiwi
ZURICH, Dec 1 (.) – Credit Suisse reported on Tuesday that it has appointed outgoing Lloyds Banking Group CEO António Horta-Osório as Urs Rohner’s successor as president of the Swiss bank.
“António Horta-Osório will succeed Urs Rohner, who will resign in 2021, as previously announced, upon reaching the statutory term of 12 years,” Switzerland’s second largest bank said in a statement. Rohner has served as Chairman of Credit Suisse since 2011. Prior to that, he was Vice Chairman.
Despite Credit Suisse’s great success under his tenure, the agreed departure of Rohner, born in 1959, comes with the bank in the middle of a regulatory investigation into an internal spy case.
The news of Horta-Osório’s appointment comes a day after it was announced that HSBC’s Charlie Nunn will replace the 56-year-old Portuguese at Lloyds in 2021.
The shareholders will vote on the appointment of Horta-Osório at the annual general meeting next April.
Horta-Osorio revived Lloyds after its government bailout during the financial crisis in 2008, with the bank emerging from the public umbrella in 2017.
During his time at Lloyds, Horta-Osório was recognized for championing the cause of mental health in companies, after he was fired for two months in 2011 due to stress-induced insomnia and exhaustion.
But it also received criticism. Specifically for his high salary and the management of the bank during a major fraud at the HBOS Reading branch, which landed six people in jail in 2017.
“I am very pleased that we are able to propose as a successor a highly recognized professional in the international banking business,” outgoing Credit Suisse Chairman Rohner said in a statement.
During his 16 years at the bank, as CEO first and CEO later, Rohner witnessed Credit Suisse weathering the financial crisis better than rival UBS, earning him the approval of analysts and shareholders when he was appointed chairman in 2009.
But Rohner’s tenure as president, which began in 2011, has been somewhat turbulent. From the nearly $ 1 billion in charges following the 2015 departure of CEO Brady Dougan to an insider spy case that led to the abrupt departure of Dougan’s replacement, Tidjane Thiam, in February this year.
In addition, the bank faced a series of costly tax evasion agreements during its time after the lifting of Swiss banking secrecy.
(Information by Brenna Hughes Neghaiwi; edited by Riham Alkousaa; translated by John Revill and Kenneth Maxwell; translated by Jorge Martínez)