A member of Credit Suisse's board of directors with deep familial ties to the Swiss bank will exit in April.
Alexander Gut won't stand for re-election to the Zurich-based bank's board of directors on April 30, Credit Suisse said as part of its fourth-quarter results on Thursday. The 57-year-old finance specialist will have spent just four years in the body, where he is part of audit and technology committees.
The Swiss executive decided to leave Credit Suisse to focus on his own business, a Zurich-based corporate finance boutique, bank Chairman Urs Rohner said. Gut's exit from the 13-person board is noteworthy: he is the son of honorary Credit Suisse chairman Rainer Gut.
British Crisis Banker
The elder Gut remains influential without a formal role at the bank, which to this day carries the imprimatur of the 87-year-old's six years as CEO and 17 as chairman. His son, Alexander Gut, emerged as a strong board voice and a potential successor to Rohner, whose departure in 14 months was sealed following a damaging spy scandal that cost CEO Tidjane Thiam his job.
The other directors of Credit Suisse, including Roche boss Severin Schwan, who backs up Rohner, former top British regulator John Tiner, and Pictet's former head of private banking Christian Gellerstad, are all standing for re-election. The bank is proposing British crisis manager and top TSB banker Richard Meddings to join in April, as finews.com reported.
