Following the departure of its deputy CEO at the end of March, the CEO is now leaving Bank Linth, the Swiss subsidiary of the Liechtensteinische Landesbank. As yet, no successor is waiting in the wings.
After two decades at Bank Linth including ten as its CEO, David Sarasin is leaving the company to pursue a new career, the subsidiary Liechtensteinische Landesbank announced on Tuesday. His departure comes on the heels of deputy CEO Luc Schuurmans who left the bank at the end of March.
«As far as I am concerned, this is the right time to turn over a new leaf professionally and place the implementation of the strategy in new hands», Sarasin said of his departure.
Deputy's Recent Departure
Sarasin will continue to oversee the strategic development until the end of the year to ensure continuity. The surprise departure comes after the deputy CEO stepped down at the end of March. Complicating the matter is that no apparent successor is waiting in the wings.
The recruitment process for Sarasin's successor has been initiated, the bank added.
Manfred Pfammatter will assume responsibility for the corporate and direct client business as of July 1, subject to Finma approval. He has been with the LLB Group since 2013 and continues to be responsible for the Group's corporate client business, and will become a member of the Executive Board of Bank Linth.
The CFO position responsible for Finance, Legal & Compliance, Risk Management, and Credit Management, continues to be held by Martin Kaindl.
New Locations
The organization will be realigned as of July 1, operating under the common brand «LLB» and is expanding its operations in Switzerland by opening locations in Zurich and St. Gallen.
Both branches offer attractive opportunities for the Private Banking, Corporate Clients, and external asset management business segments and ideally complement the existing branch network in the Bank Linth market areas, the company added.
