Credit Suisse Group today announced new appointments to its executive board. Dixit Joshi was appointed as Chief Financial Officer and Francesca McDonagh as Group Chief Operating Officer. additionally, Michael J. Rongetti will take the role of interim Chief Executive Officer of the Asset Management division.
The three new appointments will report directly to Group CEO Ulrich Körner.
Francesco De Ferrari, currently serving as CEO of the Wealth Management division, was named CEO of the Europe, Middle East and Africa (EMEA) region after serving in this role on an ad interim basis since January 2022.
Axel P. Lehmann, Chairman of the Board of Directors, said:
I am delighted to welcome Dixit, Francesca, Michael and Michael to their new roles. Dixit and Francesca are joining Credit Suisse with impressive track records, adding a wealth of experience at this important juncture. All four are expected to drive our strategic and operational transformation into the future, with the clear objective to position Credit Suisse for a successful future and realize its full potential.”
Rejoining Credit Suisse, Dixit Joshi takes up the role of CFO on 1 October 2022. He succeeds David Mathers who steps down after 11 years in his role. Joshi served at Deutsche Bank as Group Treasurer for the past five years, during which he played a significant part in the bank’s restructuring.
Joshi’s career spans three decades. During this time, he held various senior investment banking roles across different regions, helping oversee a series of businesses as well as complex transformation projects.
Francesca McDonagh will start her new role as Group COO on 19 September 2022. In her new position, she will support the Group CEO in the steering and strategic development of the company including operational and cost transformation. McDonagh will also lead the enterprise architecture development.
Most recently, she served as Group CEO at the Bank of Ireland following several senior management roles at HSBC Group. In her new position at Credit Suisse, she will be based in Zurich.
Francesco De Ferrari, who is currently CEO of the Wealth Management division, has also acted as ad interim CEO of the EMEA region. Now he will take over the role permanently and with immediate effect.
Replacing Ulrich Körner who was appointed Group CEO, Michael J. Rongetti will take over as ad interim CEO of the Asset Management division. He will also continue to serve as Head of Asset Management Americas and Global Head of Investments and Partnerships.
Having joined Credit Suisse in 1998, Rongetti was previously CFO of the Asset Management Division from 2012 to 2021, as well as CFO for Private Banking Wealth Management Products between 2013 and 2015).
The Group also announced that Michael Bonacker is appointed Group Head of Transformation. In his new role he will be leading the operating model and cost transformation work for the company. He will start on 1 September and will report to Francesca McDonagh once she joins the Group.
Ulrich Körner, Group CEO, said:
I would like to welcome Dixit and Francesca to Credit Suisse, while congratulating Michael and Michael on taking their respective new roles. They all join with extensive professional experience and a profound knowledge of the financial services industry, as we accelerate our efforts to make Credit Suisse a stronger, simpler and more efficient Group with more sustainable returns
I would like to thank Francesco for taking on the role of CEO of the EMEA region on top of his responsibilities as CEO of the Wealth Management division. At the same time, I would like to thank David for his many years of service and his continued commitment to Credit Suisse, helping ensure a smooth transition period.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.