© Reuters. FILE PHOTO: The logo of the Swiss bank Credit Suisse can be seen in Zurich
By John Miller
ZURICH (Reuters) – Swiss credit (SIX 🙂 Board member and chairman of the risk committee, Andreas Gottschling, will not stand for re-election, said the Swiss bank on Friday, the youngest boss to roll to the top management level after the debacles of Greensill and Archegos.
Gottschling is leaving after the authorized representative Glass Lewis and some major Credit Suisse investors opposed his re-election to the Board of Directors at the Annual General Meeting, which is due to take place later on Friday.
They said he should be held accountable for the bank’s investments that imploded this year.
The annual general meeting, slated to begin at 8:30 a.m. GMT, marks the arrival of former Lloyds Banking (NYSE 🙂 CEO Antonio Horta-Osorio as new chairman and the departure of chairman Urs Rohner, whose tenure has been hampered by multiple crises These include a $ 2.6 billion deal to help people evade US taxes and an embarrassing espionage scandal that overthrew then-CEO Tidjane Thiam last year.
Credit Suisse is now raising capital, stopped share buybacks, cut its dividend and overhauled management after losing at least $ 4.7 billion to the collapse of the Archegos family office and funds related to bankrupt supply chain finance firm Greensill had exposed.
“Andreas Gottschling has informed the Board of Directors that he will not stand for re-election at the Credit Suisse Annual General Meeting in 2021,” said Credit Suisse in a brief statement.
David Herro, vice chairman of Harris Associates, which owns 10.25% of the bank’s shares, and the Ethos Foundation, which advises 225 Swiss pension funds and charitable foundations that own between 3% and 5% of the company’s shares, wanted Gottschling media coverage according to be removed at the upcoming general meeting.
Lara Warner, Chief Risk and Compliance Officer, and Brian Chin, Head of Investment Banking, have already left the bank after the losses.
Ethos is also among the investors who manage $ 2.5 trillion and urged the bank to take a tougher stance on coal funding as current policies are too lax, according to a letter from Reuters.
The Norwegian oil fund, which owned 3.43% of Credit Suisse shares at the end of 2020, also said it would vote against Gottschling’s re-election.
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