Article: Credit Suisse vice chair Schwan to leave board of directors


Credit Suisse vice chair Schwan to leave board of directors

Severin Schwan, Vice Chairman of Credit Suisse Group AG, is stepping down from the board of directors, as the Swiss bank continues to restructure its top supervisory body following a series of scandals.
Credit Suisse vice chair Schwan to leave board of directors

Credit Suisse announced on Monday that vice chair Severin Schwan would not pursue re-election to the company's board of directors and that the board has nominated Christian Gellerstad as his replacement.  

A number of scandals and losses have affected Credit Suisse, including the collapse of American family office Archegos Capital Management and British financier Greensill Capital.

Severin Schwan, who is also the CEO of pharma group Roche, has been on the bank's board since 2014, during which time it has dealt with a number of scandals, including those involving family office Archegos and supply chain finance group Greensill Capital.

The board has also nominated Mirko Bianchi, Keyu Jin, and Amanda Norton to serve as non-executive members, while Kai Nargolwala and Juan Colombas will not run for re-election at the annual general meeting on April 29, according to a statement from Credit Suisse.

Mirko Bianchi was most recently with UniCredit, where he held a variety of finance positions, including group Chief Financial Officer for the bank in Milan. His most recent position was Chief Executive Officer of Wealth Management and Private Banking at UniCredit. Keyu Jin is an economist at the London School of Economics. She serves on the boards of Richemont Group and the Qingdao AInnovation venture. Amanda (Mandy) Norton was most recently the Group Chief Risk Officer at Wells Fargo.

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Topics: C-Suite, #Movements

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