Credit Suisse chair Horta-Osorio quits amid probe

Antonio Horta-Osorio

Credit Suisse Group said its chairman Antonio Horta-Osorio has resigned “following an investigation commissioned by the board” amid questions about his alleged quarantine breaches.

Horta-Osorio had been chairman for only eight months.

Zurich-based Credit Suisse said it appointed Axel Lehmann as the bank’s new chairman effective immediately.

Reuters reported that a preliminary investigation by Credit Suisse in December found that Horta-Osorio attended the Wimbledon tennis finals in July during a visit to the UK when British Covid-19 rules required him to be in quarantine.

Horta-Osório said: “I regret that a number of my personal actions have led to difficulties for the bank and compromised my ability to represent the bank internally and externally.

“I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time.”

Severin Schwan, lead independent director of Credit Suisse, said: “We respect António’s decision and owe him considerable thanks for his leadership in defining the new strategy, which we will continue to implement over the coming months and years.

“Axel Lehmann as the new chairman, with his extensive international and Swiss industry experience, is ideally suited to drive forward the strategic and cultural transformation of the bank.”

Lehmann was elected as a member of the board of Credit Suisse Group by the Extraordinary General Meeting held on October 1, 2021 and also became the chair of the risk committee.

He was formerly a member of the group executive board of UBS Group.

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.