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The vice-chair of Credit score Suisse is to go away the Swiss financial institution, simply weeks after some shareholders stated they might try to dam his re-election to the board if he stood once more.
Severin Schwan, who can also be chief govt of pharma group Roche, has been on the financial institution’s board since 2014 and whereas it has handled a succession of scandals, together with its involvement with household workplace Archegos and provide chain finance group Greensill Capital.
A number of buyers informed the Monetary Occasions final month they’d considerations about Schwan’s means to be vice chair on the financial institution whereas main Roche, and a few stated they might vote towards his re-election to the board.
Credit score Suisse stated on Monday that Schwan would depart alongside fellow administrators Kai Nargolwala and Juan Colombas in a shake-up of administrators. Colombas had solely been on the board since final yr.
The trio shall be changed by former UniCredit chief monetary officer Mirko Bianchi, LSE professor Keyu Jin and former Wells Fargo chief threat officer Amanda Norton. Christian Gellerstad, who’s already a director, will turn into vice-chair.
The board shake-up comes two months after Axel Lehmann grew to become chair, taking on from António Horta-Osório, who resigned in January after breaching Covid quarantine guidelines.
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