Caught in a controversy linked to Covid, the president of Credit Suisse resigns

Posted Jan 17, 2022, 8:48 AM

He only stayed at the helm for nine months. Antonio Horta-Osorio, the chairman of Credit Suisse, has resigned after breaking quarantine rules linked to the coronavirus epidemic, the bank announced on Monday morning, raising questions about its new strategy, while it is weakened by a series of setbacks and scandals.

The resignation comes after an internal investigation requested by the board of directors of Switzerland’s second largest bank, and less than a year after Antonio Horta-Osorio was tasked with rethinking the bank’s corporate culture, weakened by the Archegos and Greensill scandals. “I regret that some of my actions have caused difficulties for the bank and compromised my ability to represent it internally and externally,” he said in a statement.

Successor already appointed

The press had reported in December that Antonio Horta-Osorio had attended the final of the Wimbledon tennis tournament in June when he should have respected a quarantine period. The Credit Suisse chairman had also breached coronavirus pandemic restrictions during a visit to Switzerland in November, when he left the country despite being required to observe 10 days of quarantine, the firm said on last month.

His estate has already been settled, said a press release from the bank. The Board of Directors has appointed Axel Lehmann as Chairman of the Board of Directors. He took office immediately and will be proposed for election as chairman of the board of directors at the general meeting on April 29.

Former member of the management board of UBS, Axel Lehmann was elected member of the board of directors of Credit Suisse in October 2021. He worked for almost twenty years for the insurer Zurich Insurance. He currently holds appointments with several academic institutions, including a full professorship at the University of St. Gallen.

Source: Reuters

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