Swiss bank Julius Baer said it appointed Philipp Rickenbacher as its new CEO, effective September 1, 2019.

Rickenbacher is currently Head of Intermediaries & Global Custody of Bank Julius Baer & Co. Ltd.

Prior to that, he was Head Advisory Solutions for two years.

The 48-year-old joined Julius Baer in 2004 from McKinsey & Company.

Bernhard Hodler will retire from his role as CEO and from the Julius Baer executive board on August 31, 2019.

He has been with the company for 21 years and CEO since 2017.

Hodler will assist Rickenbacher to ensure a smooth transition into 2020, before pursuing other projects.

Julius Baer, chairman Romeo Lacher said: “For this appointment, the board of directors has carefully evaluated internal and external candidates.

“We are delighted that, with Philipp Rickenbacher, we have been able to appoint an internal candidate with a compelling leadership and industry track record, deeply familiar with Julius Baer’s culture and business, but prepared to actively address the challenges of the future.”