Credit Suisse Group today 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.
In the beginning of next year, Credit Suisse’s new structure will have four business divisions – Wealth Management, Investment Bank, Swiss Bank and Asset Management and it will be organised into four geographic regions – EMEA, Americas, Switzerland and APAC.
On 1 January 2021, Francesco De Ferrari will join the Executive Board of Credit Suisse Group as CEO of the Wealth Management division. In his new role, he will report to Group Chief Executive Officer Thomas Gottstein. De Ferrari was also named ad interim CEO of Europe, Middle East and Africa (EMEA) region.
Thomas Gottstein, Group CEO, commented:
We are delighted to welcome Francesco back to Credit Suisse as CEO of the global Wealth Management division. As we look to build on our existing strengths and accelerate growth in key strategic business areas, Francesco brings over 24 years of experience in wealth management, asset management and investment banking, thereof 17 years in executive roles at Credit Suisse across the Asia Pacific and EMEA (including Switzerland) regions.
António Horta-Osório, Chairman of the Board of Directors, said:
I am delighted to welcome Francesco to his new role. He joins with an impressive track record and a profound knowledge of Credit Suisse and the industry, reinforcing our Executive Board at this critical junction in our journey. He will undoubtedly play a crucial role in delivering on the Group’s new strategy, towards a much stronger, more client-centric bank, with leading global businesses and regional franchises. Risk management will be at the core of all our actions, with the Board of Directors and the Executive Board together driving a culture that reinforces the importance of accountability and responsibility across the entire bank.
Christian Meissner, currently CEO of the Investment Bank division, will assume the role of CEO of the Americas region.
The Group has also named Helman Sitohang and André Helfenstein CEOs of the APAC and Switzerland regions, respectively. Additionally, Mark Hannam has been appointed as Head of Internal Audit. The company has also reported there will be a new Board of Directors model structure to strengthen the effectiveness and governance of the subsidiary Boards.
Credit Suisse further revealed that Philipp Wehle, currently CEO of International Wealth Management (IWM) since 2019, will take up the role of CFO of Wealth Management and Head Client Segment Management Global Wealth. In his new position, he will work closely with Francesco De Ferrari.
The changes in the corporate structure of the company have also led to the reintegration of parts of the Sustainability, Research & Investment Solutions organization into the global business divisions, specifically IS&P into Wealth Management and Research into Investment Bank. Following this restructuring, Lydie Hudson will step down from the Executive Board and will leave the company after a transition period.
Thomas Gottstein, Group CEO, stated:
I would like to thank Lydie, who worked in global roles across the firm and ultimately launched and led SRI. She will leave an indelible mark on the organization and with our clients. Spearheading programs like the Global Women’s Financial Forum and Sustainability Week, she has enabled our clients and employees to participate in our efforts to become a more inclusive and sustainable firm. She is a champion of diversity and a trusted colleague.
António Horta-Osório, Chairman of the Board of Directors, added:
I would also like to thank Lydie and Philipp for their excellent contributions to the bank in their respective roles over such a significant period of time.
