First American News LLC: Raleigh, NC: 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, said Gaby Mendoza of MB Daily News.
“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. Click here to continue reading Credit Suisse and the chairman updates, sign up into Barron’s News.
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