About Us Press Release
Credit Suisse Group AG proposes new appointments to the Board of Directors
The Board of Directors (Board) is proposing Mirko Bianchi, Keyu Jin and Amanda (Mandy) Norton for election as non-executive members of the Board at the Annual General Meeting of Shareholders (AGM) to be held on April 29, 2022. Severin Schwan, Kai S. Nargolwala and Juan Colombas have informed the Board that they will not stand for re-election at the 2022 AGM. Christian Gellerstad will become Vice-Chair and Lead Independent Director.
Severin Schwan, who joined the Board in 2014 and has acted as Vice-Chair and Lead Independent Director since 2017, has decided not to stand for re-election. Kai S. Nargolwala, who joined the Board in 2013 and has held the role of Chair of the Compensation Committee since 2017, and Juan Colombas, who joined recently, have also decided that they will not stand for re-election at the upcoming AGM. Christian Gellerstad, who joined the Board in 2019, will be appointed as Vice-Chair and Lead Independent Director as well as Chair of the Compensation Committee, taking over from Kai S. Nargolwala, subject to his re-election at the upcoming AGM.
Axel P. Lehmann, Chairman of the Board of Directors, said: "I would like to thank Severin, Kai and Juan for their respective invaluable contributions. Severin and Kai, in particular, deserve the highest recognition for having helped steer the company through some challenging periods with commitment, perseverance and dedication."
"At the same time, I am extremely pleased that Christian Gellerstad is prepared to accept the appointment of Vice-Chair and Lead Independent Director of the Board and Chair of the Compensation Committee, subject to his re-election at the upcoming AGM. Christian's profound business and financial industry expertise will help him oversee the strategic transformation of the bank, and in particular our growth ambitions for Wealth Management."
The Board today further announced the nomination of Mirko Bianchi, Keyu Jin and Amanda (Mandy) Norton for election to the Board at the upcoming AGM. Subject to his election, the Board intends to appoint Mirko Bianchi as Chair of the Audit Committee. Mandy Norton would join the Board on July 1, 2022, subject to her election at the upcoming AGM. In addition, the Board intends to appoint the current Chair of the Audit Committee, Richard Meddings, as Chair of the Risk Committee, subject to his re-election at the upcoming AGM. He will succeed Axel Lehmann, who was appointed Chairman of the Board on January 16, 2022.
Mirko Bianchi was most recently at UniCredit, where he served in a number of finance roles such as group Chief Financial Officer for the bank in Milan. His most recent position at UniCredit was Chief Executive Officer of Wealth Management and Private Banking. Over 30 years, Mirko Bianchi has held senior rating and finance leadership roles in leading financial services companies across the globe such as UBS Group, Deutsche Bank and Moody's Investor Services. He has an MBA from Fordham University, New York, and an MSc in Chemical Engineering from ETH Zurich. Mirko Bianchi is a US and Swiss citizen.
Keyu Jin is a professor of Economics at the London School of Economics, focusing on topics including global capital flows, international technology competition and China's growth model. She is a non-executive director of Richemont Group and Qingdao AInnovation venture. Keyu Jin was previously a visiting scholar at the International Monetary Fund, and she has taught at Yale University and UC Berkeley. She holds a BA, MA and PhD from Harvard University and is a Chinese citizen.
Amanda (Mandy) Norton most recently served at Wells Fargo as group Chief Risk Officer. She brings with her over 30 years of experience in risk functions across financial services companies including various risk executive roles with JPMorgan Chase and Bank of America. Mandy Norton also served in senior roles at Ally Financial and Chase Manhattan Bank UK. She has a BSc in Mathematics and Statistics from the University of Bath. She is a US and British citizen.
Axel Lehmann said: "I am delighted that Mirko, Keyu and Mandy have been nominated to join our Board. Both Mirko and Mandy bring highly relevant banking, finance and risk experience, with careers spanning more than three decades in globally leading financial institutions. Keyu will further strengthen the Board's focus on the APAC growth region and position the Board closer to China's next generation and fintech development. I look forward to working with Christian as he takes on new responsibilities and with Mirko, Keyu and Mandy in their new roles as members of the Board."
The appointments of Mirko Bianchi, Keyu Jin and Mandy Norton are subject to regulatory approval.
The Board intends to appoint the following individuals as Chairs of the Board of Directors' Committees subject to their election or re-election at the upcoming AGM:
- Chair of the Governance and Nomination Committee – Axel Lehmann
- Chair of the Audit Committee – Mirko Bianchi
- Chair of the Compensation Committee – Christian Gellerstad
- Chair of the Conduct and Financial Crime Control Committee – Clare Brady
- Chair of the Risk Committee – Richard Meddings
- Chair of the Digital Transformation and Technology Committee – Blythe Masters
In light of Christian Gellerstad's appointment as Vice-Chair and Lead Independent Director of the Board of Credit Suisse Group AG, Peter Derendinger will continue to serve as Chairman of Credit Suisse (Schweiz) AG and Christian Gellerstad will remain a member of the Credit Suisse (Schweiz) AG Board.
The further proposals to be put forth for shareholder vote at the 2022 AGM on April 29, 2022 will be published with the invitation and agenda for the 2022 AGM, which will be sent to shareholders and available on the Credit Suisse website approximately one month prior to the event at: www.credit-suisse.com/agm.