The Swiss National Bank (SNB) has announced that the Federal Council has appointed Martin Schlegel, the current vice chairman, as the new chairman of its governing board. Schlegel steps into the shoes of Thomas Jordan from 1 October 2024.
SNB’s Vice Chair To Take The Wheel From Jordan
This move has been typed as a safe, in-house appointment and follows the SNB succession trends. Widely seen as Jordan’s personal successor choice, Schlegel will also become the head of Department I in Zurich. At age 47, he will be the second-youngest chairman in the history of this institution.
The Swiss government also announced that Petra Tschudin will join the SNB’s governing board as the third member. She will be the second woman in such a position. This appointment follows the succession of Antoine Martin, the current third board member, as vice chairman.
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The SNB’s board determines the monetary policies of Switzerland and is known for decisions that aim to strengthen the Swiss franc (CHF). The body also faces challenges presented by the large size of the UBS Group (UBS) in relation to the economy.
Recently, the SNB cut interest rates, while its global equals remain hesitant to follow suit. Based on Bloomberg data, Alexander Koch, a Raiffeisen Switzerland economist, commented:
Little will change in terms of the SNB’s monetary policy and communication. Schlegel is risk-averse, deliberate and rather even more cautious than Jordan.
Jordan announced his retirement in March 2024 after 12 years as SNB chair. The Swiss government said:
He led the Swiss National Bank in various difficult situations, including most recently the COVID-19 pandemic and the Credit Suisse crisis. Under his leadership, the SNB made a significant contribution to preventing damage to the country, the economy and the population, and to ensuring monetary stability.
