Credit Suisse Group appoints Axel Lehmann as Chairman, António Horta-Osório steps down

Credit Suisse Group has revealed today that the Board of Directors has appointed Axel P. Lehmann as Chairman. Lehmann succeeds António Horta-Osório, who resigned following an investigation conducted by the BoD.

António Horta-Osório commented:

António Horta-Osório, Credit Suisse

António Horta-Osório

I have worked with full commitment to put Credit Suisse back on a successful path, and I am proud of what we have achieved together in such a short time. The strategic repositioning of Credit Suisse will create a clear focus to strengthen the core, simplify the business model and invest for growth. I am convinced that Credit Suisse is in a good position today and on a good path for the future. I regret that some of my personal actions have led to difficulties for the bank and have affected my ability to represent it internally and externally. I have therefore come to the conclusion that my resignation at this time is in the best interest of the Bank and its stakeholders. I wish my colleagues at Credit Suisse all the best for the future.

Axel Lehmann as new Chairman of the BoD

Axel Lehmann has taken office as Chairman of the BoD immediately. He will also be proposed for election at the next Annual General Meeting on April 29, 2022.

Axel Lehmann, Chairman of the Board of Directors of Credit Suisse, stated:

Axel P. Lehmann, Credit Suisse

Axel Lehmann

I would like to thank the Board of Directors for the trust they have placed in me and I look forward to working even more closely with the Board and the Executive Board in the future. We have set the right course with our new strategy and will continue to embed a stronger risk culture across the bank. I am convinced that by implementing our strategic plan in a disciplined and timely manner, we can find new strength and create sustainable value for our stakeholders.

Lehmann was elected as Chairman of the Board at the Extraordinary General Meeting on October 1, 2021. He currently also serves as Chairman of the Risk Committee.

Previously, he was a member of the Group Executive Board of UBS Group, first as Group Chief Operating Officer, later as President Personal & Corporate Banking and President UBS Switzerland. From 2009 to 2015, Lehmann was a non-executive member of the Board of Directors and a member of the Risk Committee of UBS Group. From 2011 to 2013, he was also a member of the Governance and Nominating Committee at UBS.

At Zurich Insurance Group, he served for almost 20 years, including nearly 14 as a member of the Group Executive Committee in various functions. Among other things, he was responsible for the insurer’s European and North American business as well as Group IT and held the position of Chief Risk Officer.

Severin Schwan, Deputy Chairman and Lead Independent Director of the Board of Directors, said:

With his extensive experience in the international and Swiss financial services industry, Axel Lehmann is ideally placed to continue the strategic and cultural transformation of the bank as its new Chairman. We wish Axel Lehmann every success in his new role and António Horta-Osório all the best for the future.

Earlier in December 2021, Credit Suisse Group announced key appointments to its Executive Board and to the leadership of its Board of Directors in line with its new strategy and organizational structure. The company noted that these moves aim to strengthen its governance of subsidiary Boards.

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