António Horta-Osório, former chairman of Credit Suisse
AFP via Getty Images
Credit Suisse
Chairman António Horta-Osório has resigned just nine months into the role after breaching Covid-19 quarantine rules.
His abrupt departure follows an internal investigation commissioned by the board, Credit Suisse said Monday in a statement. It named board member Axel Lehmann, a former UBS
(ticker: UBS) executive, as Horta-Osorio’s replacement, effective immediately.
Credit Suisse (CSGN. Switzerland) was down around 2% in midday Zurich trading. The stock has lost more than 30% since the bank first disclosed it would take a loss after the meltdown of U.S. hedge fund Archegos Capital Management.
“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,” Horta-Osario said in the statement.
“I therefore believe that my resignation is in the interest of the bank and its stakeholders at this crucial time.”
Horta-Osario, the former chief executive of Lloyds Banking Group, was brought in to Credit Suisse to help repair its balance sheet after losses triggered by the Archegos problem and the collapse of British supply-chain finance group Greensill Capital.
The Swiss lender’s internal investigation found that Horta-Osario breached the U.K.’s quarantine rules when he flew to London and watched the Wimbledon tennis finals on July 10 and 11. He also broke Covid rules on a visit to Switzerland in November by leaving the country during a 10-day quarantine period, the bank said in December.
Horta-Osario had pledged to promote “a culture of responsibility and accountability” shortly after he took the helm at Credit Suisse.
