Investment Banking Press Release
Proposed new appointments to the Board of Directors of Credit Suisse Group AG
The Board of Directors (Board) of Credit Suisse Group AG is calling an Extraordinary General Meeting (EGM) and proposing Axel P. Lehmann and Juan Colombas for election as new non-executive members of the Board at such EGM to be held on October 1, 2021.
The Board of Credit Suisse announced today the nomination of Axel Lehmann and Juan Colombas for election to the Board at an EGM of Credit Suisse Group AG to be held on October 1, 2021. Subject to their elections, the Board intends to appoint Axel Lehmann as Chair of the Risk Committee, succeeding Richard Meddings, who has held this role on an ad interim basis in addition to being Chair of the Audit Committee.
António Horta-Osório, Chairman of Credit Suisse, said: “I am extremely pleased that Axel Lehmann and Juan Colombas have been nominated to join our Board. With their deep experience in risk management and business leadership, and both with careers spanning approximately three decades in financial services, they will make an invaluable contribution as we shape the bank’s strategic realignment and enhance our culture of risk management and personal responsibility and accountability. I look forward to working closely with them in their new respective roles as members of the Board.”
Axel Lehmann is a seasoned financial services leader with a wealth of experience in risk management, operations and business leadership. He was most recently a member of the Group Executive Board of UBS Group AG, initially as Group Chief Operating Officer and then as President Personal & Corporate Banking and President UBS Switzerland, positions he stepped down from as of January 31, 2021. Between 2009 and 2015, Axel Lehmann served as a non-executive director and a member of the Risk Committee of UBS Group AG. During that time, he was the Chief Risk Officer and Regional Chairman for Europe, Middle East and Africa at Zurich Insurance Group. His career at Zurich Insurance Group spanned almost 20 years, nearly 14 of which were as a member of the Group Executive Committee in various roles. These include responsibility for the insurer’s European and North America business, group IT and as Chief Risk Officer. Axel Lehmann currently holds mandates at several academic and non-profit institutions, including serving as an adjunct professor at the University of St. Gallen. He holds a PhD in Business Administration from the University of St. Gallen and is a graduate of the Advanced Management Program of the Wharton School, University of Pennsylvania, USA. Axel Lehmann is a Swiss citizen.
Juan Colombas has been a non-executive director and member of the Audit and Risk Committees at ING Group since 2020. He has extensive financial services industry experience with expertise in digital transformation, banking and risk management, and cyber security. His long experience as an executive in retail and commercial banking in the UK and Europe includes his recent position as Chief Operating Officer and previously Chief Risk Officer at Lloyds Banking Group spanning from 2011 to 2020. Prior to that, he spent 25 years with Santander Group where he was Executive Director and Chief Risk Officer of Santander’s UK business from 2006 to 2010. Before becoming Chief Risk Officer, he held a number of senior risk, control and management roles at Santander Group. He holds a Bachelor’s of Science degree from the Madrid Polytechnic University, a financial management degree from ICADE, Madrid, and a Master’s in Business Administration from the Instituto de Empresa, Madrid. Juan Colombas is a Spanish citizen.
The EGM will, in light of the continuing exceptional circumstances due to the COVID-19 pandemic, be held without the personal attendance of shareholders, as provided for in the Ordinance 3 of the Swiss Federal Council regarding measures on combatting the Coronavirus. Shareholders shall be represented exclusively by the independent proxy. The invitation to the EGM will be published within the coming weeks.