Credit Suisse shareholders approve the appointment of two new Board members

10/04/2021

Credit Suisse shareholders elect two senior appointments at Annual General Meeting

Photo: Google Images
Photo: Google Images

ZURICH, October 1, 2021 (MEDIA RELEASE) -- Credit Suisse shareholders have approved the election of Alex Lehmann and Juan Colombas to join the Board of Directors until the next annual general meeting. Shareholders voted in an extraordinary general meeting last week.

Lehmann was also made the new chair of the risk committee, succeeding Richard Meddings, who had been acting as chair on an ad interim basis in addition to being chair of the audit committee. Colombas was also elected as a new member of the compensation committee as proposed by the board of directors.

The EGM was held virtually to comply with COVID-19 restrictions, Switzerland's second-largest bank said.

The Chairman of Credit Suisse, António Horta-Osório, commented on the appointments, saying:

"Together, we will foster a culture that reinforces the key importance of strong risk management and personal responsibility and accountability" 

The bank has changed its senior executive positions in recent months as it seeks to recover from heavy losses sustained in the Greensill supply-chain finance saga and the implosion of New York-based hedge fund/family office Archegos.

At the end of July the bank reported that on an adjusted basis it had logged pre-tax income of SFr1.313 billion ($1.44 billion) in the three months to 30 June, falling 11 per cent year-on-year. Net revenues fell 14 per cent year-on-year to SFr5.226 billion on an adjusted basis. The adjustments excluded significant items. In the first quarter of 2021 Credit Suisse booked an expected net loss - SFr252 million ($275.5 million) - as a result of Archegos, taking the shine off what would otherwise have been a strong quarter.

About Credit Suisse

Credit Suisse is one of the world's leading financial services providers. Our strategy builds on Credit Suisse's core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. 

Credit Suisse employs approximately 49,240 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.