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Credit Suisse Group announces changes to its Executive Board
Credit Suisse Group announces a series of appointments to its Executive Board and management changes as follows:
Chief Financial Officer
David Mathers, who has served as Chief Financial Officer since 2010 and as CEO of Credit Suisse International (CSI) since 2016, has indicated his wish to seek alternative opportunities outside of Credit Suisse. David has agreed to continue his responsibilities until suitable successors for both of his roles have been found, ensuring an orderly transition. Credit Suisse has launched an internal and external search, a process in which David will be involved, to find the optimal candidates for the two roles.
CEO of the Europe, Middle East and Africa (EMEA) region
Francesca McDonagh will take over by October 1, 2022, as CEO of the EMEA region from Francesco De Ferrari, CEO of the Wealth Management division, who has held this position on an ad interim basis since January 2022. Francesca, who will be based in Zurich, will also join the Executive Board, reporting directly to Group CEO Thomas Gottstein. Most recently, she has held the role of Group CEO at the Bank of Ireland since 2017. Prior to that she served in several senior management roles at HSBC Group, including Group General Manager and Regional Head of Retail Banking and Wealth Management, UK and Europe. She has a Bachelor of Arts Degree in Politics, Philosophy and Economics from Oxford University.
CEO of the Asia Pacific (APAC) region
Helman Sitohang has announced his intention to step down from his current role on June 1, 2022. Edwin Low, who has been with the bank since 1996, will replace Helman on the Executive Board and report directly to Group CEO Thomas Gottstein. He is currently Co-Head of Investment Banking APAC based in Singapore. He is also CEO for Southeast Asia. Before joining Credit Suisse, he worked at Schroders Australia and with law firm Mallesons Stephen Jaques, where he was admitted as a Barrister and Solicitor. Edwin has a Bachelor of Jurisprudence and a Bachelor of Laws from the University of Western Australia as well as an MBA from the Australian Graduate School of Management, University of New South Wales.
Helman, who was appointed CEO of APAC in 2014 and joined the Executive Board a year later, will stay with Credit Suisse and become senior advisor to the Group CEO, focusing on core clients and strategic development around the APAC region, an important growth market for Credit Suisse. Helman will also serve on the APAC Advisory Council. He joined Credit Suisse in 1998 and has held senior roles at the company including Head of the Investment Bank in APAC.
Group General Counsel
Markus Diethelm joins on July 1, 2022, as General Counsel, succeeding Romeo Cerutti, who will retire after more than 10 years in the position. He will also join the Executive Board and report directly to Group CEO Thomas Gottstein. Markus was most recently at UBS Group, where he served as General Counsel and member of the Group Executive Board from 2014 to 2021. He held the same role at UBS AG from 2008. Over the previous decade, he was Group Chief Legal Officer at Swiss Re. Prior to that, he was with US law firms Gibson, Dunn & Crutcher as well as Shearman & Sterling and Paul, Weiss, Rifkind, Wharton & Garrison. He is admitted to the bar in Zurich, Geneva and New York and holds a Law Degree from the University of Zurich and a master’s degree and a PhD from Stanford Law School.
Axel P. Lehmann, Chairman of the Board of Directors, said: "I would like to welcome Francesca and Markus to Credit Suisse, while congratulating Edwin on his promotion. They bring a wealth of experience and impressive track records in their respective areas, with the right risk mindset required to help drive the implementation of our strategic and cultural transformation. I would like to thank David, Romeo and Helman for their years of service and their commitment to Credit Suisse."
Thomas Gottstein, Group CEO, said: "I am looking forward to having Francesca, Markus and Edwin on the Executive Board given their deep professional insights and profound knowledge of the financial-services industry. At the same time, I would like to thank Romeo, David and Helman for their service to the bank in their important roles over such a significant period of time. I wish Romeo well for his future endeavors. I have accepted David’s request with regret and look forward to continuing working with David over the coming months until a successor is found. And finally, I am delighted that Helman will continue to support me and Edwin in his new role, focusing on our most important APAC clients and advise me on our strategy implementation in the APAC region."
The appointments are subject to final regulatory approval.